FBNInsurance Limited has posted a gross premium written of N26 billion in its financial report for the 2018 financial year, which has been approved by the industry regulator, National Insurance Commission (NAICOM).
Figures obtained from the published financial statements showed a general growth across various measurement indices, with the company’s profit before tax (PBT) growing by 44 per cent from N4.26 billion in 2017, to N6.13 billion in 2018.
Similarly, the gross premium written grew from N19.6 billion in 2017, to N26.0 billion in 2018, accounting for a 33 per cent increase.
The Managing Director/Chief Executive Officer, FBNInsurance, Val Ojumah, attributed the performance of the company to their resilience in achieving the strategic aspiration of becoming the most profitable life insurance company in Nigeria.
“The 2018 result has not only moved us several steps towards this goal, it has also raised the bar for our performance in 2019. Given our track record of strong and sustainable growth, we are confident that FBNInsurance will wax stronger in 2019, despite the anticipated lull in economic activities,” he said.
The company’s Return on Equity (RoE) rose to 45 per cent (up from 34 per cent in 2017) and achieved a post-tax Return on Assets (RoA) of eight per cent.