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FBN General Insurance Gross Premium Rises To N3.5bn

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The Gross Written Premium (GWP) of FBN General Insurance increased to N3.52 billion from N2.19bn in 2016 and an impressive profit before tax of N323 million representing a 66 per cent year-on-year growth on the 2016 PBT of N195 million, figures from the company’s recently published financial statements hasrevealed.

The company has promised to continue to give good value for its teeming policyholders across the country saying customer satisfaction is at the heart of its operation. The company paid gross claims of N861 million, a 27 per cent increase on her 2016 figures.

FGB General Insurance increased claims expense is attributed to the high loss trends the market witnessed during the year under review. It however, made significant reinsurance recoveries on all the claims incurred from each class of business.

While reiterating the firm’s commitment to claims payment, managing director/chief executive officer, FBN General Insurance, Bode Opadokun, said: “We will not take our customers for granted. Ours is a business predicated on trust. For us, paying claims as due is one of our corporate strategies to building trust, improving stakeholder engagement and growing our customer base.”

A financial analysis of its 2017 financial statement shows that the company closed the year with a robust liquidity position and solvency margin above the required benchmark while total assets recorded an appreciable growth of 27 per cent at year-end from N6.06 billion achieved in 2016 to N7.24 billion in 2017.

Shareholders’ funds also grew from N4.1 billion to N4.45 billion, a confirmation of shareholders’ unwavering support and trust in the general insurer’s business potentials. Industry watchers have applauded the Bode Opadokun-led management of FBN General Insurance for its glowing achievements since taking over the reins of the company.

“Our strategy over the next three-year planning horizon is aimed at delivering exceptional value to our customer by utilising technology as a critical business enabler across key functions including product distribution, customer engagement and other operational processes,” the managing director said.

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