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FBN General Insurance assets grow 17 per cent in 2019

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 FBN General Insurance Limited says it achieved 17 per cent growth in its total assets in 2019 translating to N11 billion as against N9 4 billion recorded in 2018 This is according to a statement made available to the News Agency of Nigeria in Lagos on Monday on the 4th virtual Annual General Meeting AGM of the Insurance company The company at the virtual AGM presented its 2019 audited Annual Report and Financial Statement to its Board of Directors Mr Bode Opadokun Managing Director Chief Executive Officer of the firm said at the event that the company witnessed an impressive growth along key metrics and across major lines during the financial year under review We grew our Gross Premium Written GPW by 58 per cent from N4 63 billion in 2018 to N7 31 billion in 2019 We also recorded a 19 per cent increase in Profit Before Tax PBT of N733 million compared to N615 billion recorded in 2018 he also said The Managing Director said that the company ensured prompt claims payment to its customers during the year to the tune of N2 3 billion Commenting Mr Gbenga Shobo Chairman of the Insurance firm expressed satisfaction with the 2019 end of financial year result Shobo said that FBN General Insurance will continue to ensure the growth trajectory is sustained in 2020 financial year while it anticipates some improvements along key macroeconomic fundamentals We shall deploy strategies aimed at optimizing the inherent opportunities within the economy We are quite optimistic that year 2020 will be the best so far for our shareholders and esteemed customers in the history of FBN General Insurance Ltd he said According to him with the advent of the dreaded pandemic ravaging the globe the company will continue to break new grounds adapt to changes and relentlessly remain innovative in delivering value to its shareholders and customers FBN General Insurance Limited a subsidiary of FBNInsurance Limited wholly owned by the Sanlam Group South Africa was incorporated in 2014 to transact general insurance business in Nigeria with branches across the country Edited By Remi Koleoso Oluwole Sogunle NAN
FBN General Insurance assets grow 17 per cent in 2019

General Insurance Limited

FBN General Insurance Limited says it achieved 17 per cent growth in its total assets in 2019, translating to N11 billion as against N9.4 billion recorded in 2018.

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This is according to a statement made available to the News Agency of Nigeria, in Lagos, on Monday, on the 4th virtual Annual General Meeting (AGM) of the Insurance company.

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The company, at the virtual AGM, presented its 2019 audited Annual Report and Financial Statement to its Board of Directors.

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Mr Bode Opadokun, Managing Director/Chief Executive Officer of the firm, said at the event that the company witnessed an impressive growth along key metrics and across major lines during the financial year under review.

“We grew our Gross Premium Written (GPW) by 58 per cent from N4.63 billion in 2018 to N7.31 billion in 2019.

“We also recorded a 19 per cent increase in Profit Before Tax (PBT) of N733 million compared to N615 billion recorded in 2018,” he also said.

The Managing Director said that the company ensured prompt claims payment to its customers during the year to the tune of N2.3 billion.

Commenting, Mr Gbenga Shobo, Chairman of the Insurance firm, expressed satisfaction with the 2019 end of financial year result.

Shobo said that FBN General Insurance will continue to ensure the growth trajectory is sustained in 2020 financial year, while it anticipates some improvements along key macroeconomic fundamentals.

“We shall deploy strategies aimed at optimizing the inherent opportunities within the economy.

“We are quite optimistic that year 2020 will be the best so far for our shareholders and esteemed customers in the history of FBN General Insurance Ltd,”he said.

According to him, with the advent of the dreaded pandemic ravaging the globe, the company will continue to break new grounds, adapt to changes and relentlessly remain innovative in delivering value to its shareholders and customers.

FBN General Insurance Limited, a subsidiary of FBNInsurance Limited, wholly owned by the Sanlam Group, South Africa, was incorporated in 2014 to transact general insurance business in Nigeria with branches across the country.


Edited By: Remi Koleoso/Oluwole Sogunle (NAN)

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