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  •  Coronation Insurance Plc said recorded N14 13 billion Gross Premium Written GPW for the financial year ended Dec 31 2021 The Chairman of the company Mr Mutiu Sunmonu said this in a statement containing the group s Audited Financial Result for year 2021 sent to the Nigerian Exchange Ltd on Friday in Lagos Sunmonu said the figure was lower when compared with N16 1 billion posted in the comparative period of 2020 He said that the firm generated net underwriting income of N9 66 billion and paid N7 31 billion as claims during the period under review He said it recorded a total underwriting profit of N1 25 billion while its investment income stood at N1 51 billion Sunmonu said the firm s total assets stood at N39 80 billion share capital N11 99 billion while the share premium was N4 61 billion He said that the company recordes contingency reserves of N3 66 billion while other reserves stood at N1 75 billion during the review period NewsSourceCredit NAN
    Coronation Insurance records N14.13bn gross premium in 2021
     Coronation Insurance Plc said recorded N14 13 billion Gross Premium Written GPW for the financial year ended Dec 31 2021 The Chairman of the company Mr Mutiu Sunmonu said this in a statement containing the group s Audited Financial Result for year 2021 sent to the Nigerian Exchange Ltd on Friday in Lagos Sunmonu said the figure was lower when compared with N16 1 billion posted in the comparative period of 2020 He said that the firm generated net underwriting income of N9 66 billion and paid N7 31 billion as claims during the period under review He said it recorded a total underwriting profit of N1 25 billion while its investment income stood at N1 51 billion Sunmonu said the firm s total assets stood at N39 80 billion share capital N11 99 billion while the share premium was N4 61 billion He said that the company recordes contingency reserves of N3 66 billion while other reserves stood at N1 75 billion during the review period NewsSourceCredit NAN
    Coronation Insurance records N14.13bn gross premium in 2021
    Economy2 months ago

    Coronation Insurance records N14.13bn gross premium in 2021

    Coronation Insurance Plc said recorded N14.13 billion Gross Premium Written (GPW) for the financial year ended Dec. 31, 2021. The Chairman of the company, Mr Mutiu Sunmonu, said this in a statement containing the group’s Audited Financial Result for year 2021 sent to the Nigerian Exchange Ltd., on Friday in Lagos.

    Sunmonu said the figure was lower when compared with N16.1 billion posted in the comparative period of 2020. He said that the firm generated net underwriting income of N9.66 billion and paid N7.31 billion as claims during the period under review.

    He said it recorded a total underwriting profit of N1.25 billion, while its investment income stood at N1.51 billion.

    Sunmonu said the firm’s total assets stood at N39.80 billion, share capital N11.99 billion, while the share premium was N4.61 billion.

    He said that the company recordes contingency reserves of N3.66 billion while other reserves stood at N1.75 billion during the review period.


    NewsSourceCredit: NAN

  •  Consolidated Hallmark Insurance Plc has announced a profit before tax of N971 7 million for the financial year ended Dec 31 2021against N772 6 million in 2020 an increase of 26 per cent Mr Obinna Ekezie the Chairman of the company said this at the 27th Annual General Meeting AGM on Wednesday in Lagos Ekezie said that the insurer s profit after tax during the review period rose by 17 per cent to N790 6 million from N678 million in 2020 He said that the company generated a Gross Premium Written GPW of N10 5 billion in the year under review as against N9 8 billion in 2020 an increase of 7 4 per cent The chairman added that the group s total assets rose by 10 per cent to N15 7 billion from N14 3 billion in 2020 Despite the prevailing economic environment investment income grew from N940 million to N1 2 billion in 2021 The financial year under review was again another success story by your company despite the persisting challenges in the operating environment he said Ekezie said that the underwriting firm declared a final dividend of N433 6 million during the period under review which translated to four kobo per share We had earlier paid N216 8 million interim dividend at two kobo per share and expected to pay final dividend of N216 8 million amounting to two kobo per share as well thereby bringing the total dividend payment to N433 6 million The dividend payment is in a bid to reward our teeming shareholders for their commitment and loyalty he added In his address Mr Eddie Efekoha the Managing Executive Officer of the company said that insurer was able to achieve the feat due to measures it applied to cut cost I am glad to inform you that some prudent cost control measures we put in place helped us to attain an all time high pro t before taxation of N971 7 million in 2021 he said Efekoha said whilst the company strives to continually meet the needs of its customers through prompt payment of all fully documented and genuine claims it also continued to fine tune its risk underwriting through prudent measures He noted that these strategy has paid off as it recorded a drop in the amount expended on claims in 2021 to N3 99 billion from the N4 2 billion claims expenses in 2020 We however recovered more from our robust reinsurance arrangement in 2021 than the previous year as evident in the N1 71 billion recovered when compared with N1 61 billion he said According to him the 2021 financial year was lled with a lot of hopes not just for the insurance industry and by extension the financial services sector but the entire economy It was a year which marked the near full reopening of the operations space for businesses to thrive following the easing of the global lockdowns and restrictions that characterised the previous year 2020 For us in Consolidated Hallmark Insurance our story is not different from that of the nation as the year whose operations we are reviewing during this AGM marks another positive outing for us in the various key nancial indices he added Efekoha said the underwriter had developed some unique products that would address specific needs of customers which would be accessible digitally and launched into the market upon approval from the regulator He said that arrangements were on top gear for the transformation of the insurance company into a Holding Company structure Efekoha said Upon approval by the regulators this will enable us to formalise our diversified operations in other aspects of financial services thus putting us in good stead to optimise advantages derivable from Holdco structures Benefits like additional income from cross selling of our services to customers across the group would now be tapped vigorously he said NAN
    Consolidated Hallmark Insurance grows profit by 26% in 2021
     Consolidated Hallmark Insurance Plc has announced a profit before tax of N971 7 million for the financial year ended Dec 31 2021against N772 6 million in 2020 an increase of 26 per cent Mr Obinna Ekezie the Chairman of the company said this at the 27th Annual General Meeting AGM on Wednesday in Lagos Ekezie said that the insurer s profit after tax during the review period rose by 17 per cent to N790 6 million from N678 million in 2020 He said that the company generated a Gross Premium Written GPW of N10 5 billion in the year under review as against N9 8 billion in 2020 an increase of 7 4 per cent The chairman added that the group s total assets rose by 10 per cent to N15 7 billion from N14 3 billion in 2020 Despite the prevailing economic environment investment income grew from N940 million to N1 2 billion in 2021 The financial year under review was again another success story by your company despite the persisting challenges in the operating environment he said Ekezie said that the underwriting firm declared a final dividend of N433 6 million during the period under review which translated to four kobo per share We had earlier paid N216 8 million interim dividend at two kobo per share and expected to pay final dividend of N216 8 million amounting to two kobo per share as well thereby bringing the total dividend payment to N433 6 million The dividend payment is in a bid to reward our teeming shareholders for their commitment and loyalty he added In his address Mr Eddie Efekoha the Managing Executive Officer of the company said that insurer was able to achieve the feat due to measures it applied to cut cost I am glad to inform you that some prudent cost control measures we put in place helped us to attain an all time high pro t before taxation of N971 7 million in 2021 he said Efekoha said whilst the company strives to continually meet the needs of its customers through prompt payment of all fully documented and genuine claims it also continued to fine tune its risk underwriting through prudent measures He noted that these strategy has paid off as it recorded a drop in the amount expended on claims in 2021 to N3 99 billion from the N4 2 billion claims expenses in 2020 We however recovered more from our robust reinsurance arrangement in 2021 than the previous year as evident in the N1 71 billion recovered when compared with N1 61 billion he said According to him the 2021 financial year was lled with a lot of hopes not just for the insurance industry and by extension the financial services sector but the entire economy It was a year which marked the near full reopening of the operations space for businesses to thrive following the easing of the global lockdowns and restrictions that characterised the previous year 2020 For us in Consolidated Hallmark Insurance our story is not different from that of the nation as the year whose operations we are reviewing during this AGM marks another positive outing for us in the various key nancial indices he added Efekoha said the underwriter had developed some unique products that would address specific needs of customers which would be accessible digitally and launched into the market upon approval from the regulator He said that arrangements were on top gear for the transformation of the insurance company into a Holding Company structure Efekoha said Upon approval by the regulators this will enable us to formalise our diversified operations in other aspects of financial services thus putting us in good stead to optimise advantages derivable from Holdco structures Benefits like additional income from cross selling of our services to customers across the group would now be tapped vigorously he said NAN
    Consolidated Hallmark Insurance grows profit by 26% in 2021
    Economy4 months ago

    Consolidated Hallmark Insurance grows profit by 26% in 2021

    Consolidated Hallmark Insurance Plc has announced a profit before tax of N971.7 million for the financial year ended Dec. 31, 2021against N772.6 million in 2020, an increase of 26 per cent.Mr Obinna Ekezie, the Chairman of the company, said this at the 27th Annual General Meeting (AGM) on Wednesday in Lagos.Ekezie said that the insurer’s profit after tax during the review period rose by 17 per cent to N790.6 million from N678 million in 2020.He said that the company generated a Gross Premium Written (GPW) of N10.5 billion in the year under review as against N9.8 billion in 2020, an increase of  7.4 per cent.

    The chairman added that the group’s total assets rose by 10 per cent to N15.7 billion from N14.3 billion in 2020.

    “Despite the prevailing economic environment, investment income grew from N940 million to N1.2 billion in 2021.

    “The financial year under review was again another success story by your company, despite the persisting challenges in the operating environment,” he said.

    Ekezie said that the underwriting firm declared a final dividend of N433.6 million during the period under review which translated to four kobo per share.

    “We had earlier paid N216.8 million interim dividend at two kobo per share and expected to pay final dividend of N216.8 million amounting to two kobo per share as well, thereby, bringing the total dividend payment to N433.6 million.

    “The dividend payment is in a bid to reward our teeming shareholders for their commitment and loyalty,” he added. In his address,  Mr Eddie Efekoha, the Managing Executive Officer of the company, said that insurer was able to achieve the feat due to measures it applied to cut cost.“I am glad to inform you that some prudent cost control  measures  we  put  in  place  helped  us  to attain an all-time high profit before taxation of N971.7 million in 2021”, he said.Efekoha said whilst the company strives to continually meet the needs of its customers through prompt payment of all fully documented and genuine claims, it also continued to fine tune its risk underwriting through prudent measures.He noted that these strategy has paid off , as it recorded a drop in the amount expended on claims in 2021 to N3.99 billion from the N4.2 billion claims expenses in 2020.“We, however, recovered more from our robust reinsurance arrangement in 2021 than the previous year as evident in the N1.71 billion recovered when compared with N1.61 billion,” he said.According to him, the 2021 financial year was filled with a lot of hopes not just for the insurance industry and  by extension the financial services  sector, but  the entire economy.“It  was a  year which marked the near full reopening of the operations space  for  businesses  to  thrive,  following  the easing of the global lockdowns and restrictions that characterised the previous year 2020.“For us in Consolidated Hallmark Insurance, our story is not different from that of the nation as the year whose operations we are reviewing during this AGM marks another positive outing for us in the various key financial indices,” he added.Efekoha said the underwriter had developed some unique products that would address specific needs of customers which would be accessible digitally and launched into the market, upon approval from the regulator.He said  that arrangements were on top gear for the transformation of the insurance company into a Holding Company structure.Efekoha said: “Upon approval by the regulators, this will enable us to formalise our diversified operations in other aspects of financial services thus putting us in good stead to optimise advantages derivable from Holdco structures.“Benefits like additional income from cross selling of our services to customers across the group would now be tapped vigorously,” he said.

    (NAN)

  •  Guinea Insurance plc on Monday said it recorded a modest earnings of N1 29 billion in 2019 as its Gross Premium Written GPW as against N1 24 billion in 2018 representing an increase of 4 02 per cent Mr Ufot Hanson Team Lead Corporate Communication of the firm disclosed this in a statement on the outcome of the company s 62nd virtual Annual General Meeting AGM held in Lagos Hanson said the insurance company s Gross Premium Income decreased by 2 05 per cent from N1 20 billion in 2018 to N1 17 billion in 2019 He stated that the Net Premium Income also decreased slightly by 0 2 7 per cent from N904 9 million in 2018 to N902 4 million in 2019 According to him investment income for the period under review increased considerably by 50 5 per cent from N139 million in 2018 to N210 million in 2019 This he said was due to operational efficiency in terms of people processes and technology Operational expenses of N868 6 million was efficiently managed as it resulted in a savings of about three per cent when compared to N904 million reported in 2018 Premium payments for the year decreased significantly as in most cases policies were not renewed for want of disposable income amongst other economic challenges The dip experienced in the general economy is the root cause of the declining revenue pool of Nigerian insurance companies he said The company s spokeman noted that the firm at the AGM was able to secure its shareholders approval to appoint BDO Professional services as its external auditors Hanson said the company also re elected three directors Alhaji Hassan Dantata Dr Mohammed Attahir and Mr Anthony Achebe who were to retire by rotation In his remarks the firm s Chairman Board of Directors Mr Godson Ugochukwu appreciated the company s shareholders as they continued to keep faith with it albeit harsh economic realities On steps taken by the company to meet the National Insurance Commision NAICOM Dec 31 and Sept 30 2021 recapitalistion deadline Ugochukwu assured that discussions were ongoing and preparedness had reached an advanced stage We are also looking the way of merger and the company is in discussion with core investors he said The company s Managing Director Chief Executive Officer Mr Ademola Abidogun said that the intention of the board and management was to identify opportunities amid the COVID 19 pandemic Abidogun said the firm would continually leverage on Information Communication Technology to create veritable and easily accessible platforms that will not only deliver services real time and in a seamless manner but will also deliver on the numbers Our longevity as a brand has stood the test of time and the values created over the years are embedded in the loyalty and commitment that we have enjoyed from all stakeholders We intend to keep Guinea Insurance plc as a legacy for several generations to come Our strength is made manifest in our passion for high standards and our single minded determination to emerge a world class enterprise One with the scope and economies of scale necessary to drive home our unflinching mandate of returning the firm on the path of sustainable profitability the managing director said Edited By Tayo Ikujuni Oluwole Sogunle NAN
    Guinea Insurance records N1.29bn Gross Premium Written in 2019
     Guinea Insurance plc on Monday said it recorded a modest earnings of N1 29 billion in 2019 as its Gross Premium Written GPW as against N1 24 billion in 2018 representing an increase of 4 02 per cent Mr Ufot Hanson Team Lead Corporate Communication of the firm disclosed this in a statement on the outcome of the company s 62nd virtual Annual General Meeting AGM held in Lagos Hanson said the insurance company s Gross Premium Income decreased by 2 05 per cent from N1 20 billion in 2018 to N1 17 billion in 2019 He stated that the Net Premium Income also decreased slightly by 0 2 7 per cent from N904 9 million in 2018 to N902 4 million in 2019 According to him investment income for the period under review increased considerably by 50 5 per cent from N139 million in 2018 to N210 million in 2019 This he said was due to operational efficiency in terms of people processes and technology Operational expenses of N868 6 million was efficiently managed as it resulted in a savings of about three per cent when compared to N904 million reported in 2018 Premium payments for the year decreased significantly as in most cases policies were not renewed for want of disposable income amongst other economic challenges The dip experienced in the general economy is the root cause of the declining revenue pool of Nigerian insurance companies he said The company s spokeman noted that the firm at the AGM was able to secure its shareholders approval to appoint BDO Professional services as its external auditors Hanson said the company also re elected three directors Alhaji Hassan Dantata Dr Mohammed Attahir and Mr Anthony Achebe who were to retire by rotation In his remarks the firm s Chairman Board of Directors Mr Godson Ugochukwu appreciated the company s shareholders as they continued to keep faith with it albeit harsh economic realities On steps taken by the company to meet the National Insurance Commision NAICOM Dec 31 and Sept 30 2021 recapitalistion deadline Ugochukwu assured that discussions were ongoing and preparedness had reached an advanced stage We are also looking the way of merger and the company is in discussion with core investors he said The company s Managing Director Chief Executive Officer Mr Ademola Abidogun said that the intention of the board and management was to identify opportunities amid the COVID 19 pandemic Abidogun said the firm would continually leverage on Information Communication Technology to create veritable and easily accessible platforms that will not only deliver services real time and in a seamless manner but will also deliver on the numbers Our longevity as a brand has stood the test of time and the values created over the years are embedded in the loyalty and commitment that we have enjoyed from all stakeholders We intend to keep Guinea Insurance plc as a legacy for several generations to come Our strength is made manifest in our passion for high standards and our single minded determination to emerge a world class enterprise One with the scope and economies of scale necessary to drive home our unflinching mandate of returning the firm on the path of sustainable profitability the managing director said Edited By Tayo Ikujuni Oluwole Sogunle NAN
    Guinea Insurance records N1.29bn Gross Premium Written in 2019
    Economy2 years ago

    Guinea Insurance records N1.29bn Gross Premium Written in 2019

    Guinea Insurance plc on Monday said it recorded a modest earnings of N1.29 billion in 2019 as its Gross Premium Written (GPW) as against N1.24 billion in 2018, representing an increase of 4.02 per cent.

    Mr Ufot Hanson, Team Lead, Corporate Communication of the firm, disclosed this in a statement on the outcome of the company’s 62nd virtual Annual General Meeting (AGM) held in Lagos.

    Hanson said the insurance company’s Gross Premium Income decreased by 2.05 per cent from N1.20 billion in 2018 to N1.17 billion in 2019.

    He stated that the Net Premium Income also decreased slightly by 0.2 7 per cent from N904.9 million in 2018 to N902.4 million in 2019.

    According to him, investment income for the period under review increased considerably by 50.5 per cent from N139 million in 2018 to N210 million in 2019.

    This, he said, was due to operational efficiency in terms of people, processes and technology.

    “Operational expenses of N868.6 million was efficiently managed as it resulted in a savings of about three per cent when compared to N904 million reported in 2018.

    ” Premium payments for the year decreased significantly, as in most cases, policies were not renewed for want of disposable income, amongst other economic challenges.

    “The dip experienced in the general economy is the root cause of the declining revenue pool of Nigerian insurance companies, ” he said.

    The company’s spokeman noted that the firm, at the AGM, was able to secure its shareholders’ approval to appoint BDO Professional services as its external auditors.

    Hanson said the company also re-elected three directors — Alhaji Hassan Dantata, Dr Mohammed Attahir and Mr Anthony Achebe –who were to retire by rotation.

    In his remarks, the firm’s Chairman, Board of Directors, Mr Godson Ugochukwu, appreciated the company’s shareholders as they continued to keep faith with it, albeit harsh economic realities.

    On steps taken by the company to meet the National Insurance Commision (NAICOM) Dec. 31 and Sept. 30, 2021 recapitalistion deadline, Ugochukwu assured that discussions were ongoing and preparedness had reached an advanced stage.

    “We are also looking the way of merger and the company is in discussion with core investors,” he said.

    The company’s Managing Director/Chief Executive Officer, Mr Ademola Abidogun, said that the intention of the board and management was to identify opportunities amid the COVID-19 pandemic.

    Abidogun said the firm would continually leverage on Information Communication Technology to create veritable and easily accessible platforms that will not only deliver services real-time and in a seamless manner, but will also deliver on the numbers.

    “Our longevity as a brand has stood the test of time, and the values created over the years are embedded in the loyalty and commitment that we have enjoyed from all stakeholders.

    “We intend to keep Guinea Insurance plc as a legacy for several generations to come.

    “Our strength is made manifest in our passion for high standards and our single-minded determination to emerge a world class enterprise.

    ” One with the scope and economies of scale necessary to drive home our unflinching mandate of returning the firm on the path of sustainable profitability,” the managing director said.


    Edited By: Tayo Ikujuni/Oluwole Sogunle (NAN)

  •  Lasaco Assurance Plc says it has proposed to pay its shareholders a dividend of 5k for the financial year ended Dec 31 2019 The insurance firm said in a statement made available to newsmen in Lagos that the decision to reward the shareholders in view of harsh operating environment was reached at a meeting of its Board of Directors The company stated that the dividend if approved by members at its forthcoming 40th Annual General Meeting scheduled for Sept 15 in Lagos would be paid to shareholders accounts on Sept 22 The firm said that only shareholders whose names appear in the Register of Members at the close of business on Aug 31 would receive the dividend It said that this was in accordance with the directive of the Securities and Exchange Commission SEC Lasaco said it also made tremendous achievements in 2019 financial year as it recorded a Gross Premium Income GPI of N9 748 billion from N8 024 billion recorded in December 2018 representing 21 per cent increase The firm said its Gross Premium Written GPW also increased from N9 014 billion in 2018 to N9 341billion representing four per cent increase In spite of the increasingly difficult operating environment the company made appreciable progress in all fronts It achieved an underwriting profit growth of N2 298 billion in 2019 compared to N2 121 billion recorded in 2018 while claims paid was N2 171 billion compared to N1 801 billion paid in 2018 indicating an increase of 21 per cent The insurer annuity fund increased by 21 per cent from N32 873 million in 2018 to N262 499 million in 2019 the statement stated Edited By Angela Okisor Olagoke Olatoye NAN dividend
    Lasaco Assurance proposes to pay shareholders 5k dividend 
     Lasaco Assurance Plc says it has proposed to pay its shareholders a dividend of 5k for the financial year ended Dec 31 2019 The insurance firm said in a statement made available to newsmen in Lagos that the decision to reward the shareholders in view of harsh operating environment was reached at a meeting of its Board of Directors The company stated that the dividend if approved by members at its forthcoming 40th Annual General Meeting scheduled for Sept 15 in Lagos would be paid to shareholders accounts on Sept 22 The firm said that only shareholders whose names appear in the Register of Members at the close of business on Aug 31 would receive the dividend It said that this was in accordance with the directive of the Securities and Exchange Commission SEC Lasaco said it also made tremendous achievements in 2019 financial year as it recorded a Gross Premium Income GPI of N9 748 billion from N8 024 billion recorded in December 2018 representing 21 per cent increase The firm said its Gross Premium Written GPW also increased from N9 014 billion in 2018 to N9 341billion representing four per cent increase In spite of the increasingly difficult operating environment the company made appreciable progress in all fronts It achieved an underwriting profit growth of N2 298 billion in 2019 compared to N2 121 billion recorded in 2018 while claims paid was N2 171 billion compared to N1 801 billion paid in 2018 indicating an increase of 21 per cent The insurer annuity fund increased by 21 per cent from N32 873 million in 2018 to N262 499 million in 2019 the statement stated Edited By Angela Okisor Olagoke Olatoye NAN dividend
    Lasaco Assurance proposes to pay shareholders 5k dividend 
    Economy2 years ago

    Lasaco Assurance proposes to pay shareholders 5k dividend 

    Lasaco Assurance Plc says it has proposed to pay its shareholders a dividend of 5k for the financial year ended Dec. 31, 2019.

    The insurance firm, said in a statement made available to newsmen in Lagos that the decision to reward the shareholders in view of harsh operating environment was reached at a meeting of its Board of Directors.

    The company stated that the dividend, if approved by members at its forthcoming 40th Annual General Meeting scheduled for Sept.15 in Lagos would be paid to shareholders’ accounts on Sept. 22.

    The firm said that only shareholders whose names appear in the Register of Members at the close of business on Aug. 31 would receive the dividend.

    It said that this was in accordance with the directive of the Securities and Exchange Commission (SEC).

    Lasaco said it also made tremendous achievements in 2019 financial year as it recorded a Gross Premium Income (GPI) of N9.748 billion from N8.024 billion recorded in December 2018, representing 21 per cent increase.

    The firm said its Gross Premium Written (GPW) also increased from N9.014 billion in 2018 to N9.341billion, representing four per cent increase.

    “In spite of the increasingly difficult operating environment, the company made appreciable progress in all fronts.

    “It achieved an underwriting profit growth of N2.298 billion in 2019, compared to N2.121 billion recorded in 2018, while claims paid was N2.171 billion compared to N1.801 billion paid in 2018, indicating an increase of 21 per cent.

    “The insurer annuity fund increased by 21 per cent from N32.873 million in 2018 to N262.499 million in 2019,” the statement stated.


    Edited By: Angela Okisor/Olagoke Olatoye (NAN)’ dividend

  •  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
     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
    Economy2 years ago

    FBN General Insurance assets grow 17 per cent in 2019

    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)

  •  FBNInsurance Limited has recorded a 45 per cent increase in its Gross Premium Written GPW for 2019 rising to N37 63 billion compared to N25 98 billion achieved in 2018 This is contained in a statement by the company made available to the News Agency of Nigeria in Lagos on Friday According to the statement the record is contained in the audited annual report presented to its Board during the firm s virtual annual general meeting AGM The company said it sustained growth and good performance in all its business segments closing the year with positive results and also made prompt claims payment to its customers Mr Val Ojumah Managing Director Chief Executive Officer of the company said that the company s Profit Before Tax PBT appreciated by 28 per cent from N6 13 billion in 2018 to N7 82 billion in 2019 In the same vein as a responsive and reliable insurer that keeps its promises we promptly paid claims to our clients to the tune of N9 90 billion which is a 130 per cent increase from N4 31 billion paid in 2018 Ojumah said that one of the primary objectives of the firm was to help people businesses and communities get back on their feet when the unexpected happens He explained that FBNInsurance has continued to show its commitment to its customers by ensuring they transact business in a sustainable manner It is this disposition that is once again responsible for our accomplishments in 2019 which represents our best year so far in the history of FBNInsurance he said Commenting Mrs Aderenle Kehinde Chairperson of the company s board of directors said that the rapid growth and sterling performance of the company in 2019 was made possible through mining the hidden treasures in retail life insurance market Kehinde said this business segment holds an enormous and growing opportunities for the company The insurance company also announced a dividend of 97 kobo per share representing a 49 per cent increase from 65 kobo declared in 2018 FBNInsurance said it had consistently paid dividends to its shareholders since 2013 Meanwhile the insurance company recently won the 2019 Best Life Insurance Company in Nigeria Award at the World Finance Award held in London Edited By Abdulfatah Babatunde NAN
    FBNInsurance records N37.63bn premium for 2019
     FBNInsurance Limited has recorded a 45 per cent increase in its Gross Premium Written GPW for 2019 rising to N37 63 billion compared to N25 98 billion achieved in 2018 This is contained in a statement by the company made available to the News Agency of Nigeria in Lagos on Friday According to the statement the record is contained in the audited annual report presented to its Board during the firm s virtual annual general meeting AGM The company said it sustained growth and good performance in all its business segments closing the year with positive results and also made prompt claims payment to its customers Mr Val Ojumah Managing Director Chief Executive Officer of the company said that the company s Profit Before Tax PBT appreciated by 28 per cent from N6 13 billion in 2018 to N7 82 billion in 2019 In the same vein as a responsive and reliable insurer that keeps its promises we promptly paid claims to our clients to the tune of N9 90 billion which is a 130 per cent increase from N4 31 billion paid in 2018 Ojumah said that one of the primary objectives of the firm was to help people businesses and communities get back on their feet when the unexpected happens He explained that FBNInsurance has continued to show its commitment to its customers by ensuring they transact business in a sustainable manner It is this disposition that is once again responsible for our accomplishments in 2019 which represents our best year so far in the history of FBNInsurance he said Commenting Mrs Aderenle Kehinde Chairperson of the company s board of directors said that the rapid growth and sterling performance of the company in 2019 was made possible through mining the hidden treasures in retail life insurance market Kehinde said this business segment holds an enormous and growing opportunities for the company The insurance company also announced a dividend of 97 kobo per share representing a 49 per cent increase from 65 kobo declared in 2018 FBNInsurance said it had consistently paid dividends to its shareholders since 2013 Meanwhile the insurance company recently won the 2019 Best Life Insurance Company in Nigeria Award at the World Finance Award held in London Edited By Abdulfatah Babatunde NAN
    FBNInsurance records N37.63bn premium for 2019
    Economy2 years ago

    FBNInsurance records N37.63bn premium for 2019

    FBNInsurance Limited has recorded a 45 per cent increase in its Gross Premium Written (GPW) for 2019, rising to N37.63 billion compared to N25.98 billion achieved in 2018.

    This is contained in a statement by the company made available to the News Agency of Nigeria in Lagos on Friday.

    According to the statement, the record is contained in the audited annual report presented to its Board during the firm’s virtual annual general meeting (AGM).

    The company said it sustained growth and good performance in all its business segments, closing the year with positive results and also made prompt claims payment to its customers.

    Mr Val Ojumah, Managing Director /Chief Executive Officer of the company said that the company’s Profit Before Tax (PBT) appreciated by 28 per cent from N6.13 billion in 2018 to N7.82 billion in 2019.

    “In the same vein, as a responsive and reliable insurer that keeps its promises, we promptly paid claims to our clients to the tune of N9.90 billion, which is a 130 per cent increase from N4.31 billion paid in 2018.

    Ojumah said that one of the primary objectives of the firm was to help people, businesses and communities get back on their feet when the unexpected happens.

    He explained that FBNInsurance has continued to show its commitment to its customers by ensuring they transact business in a sustainable manner.

    “It is this disposition that is once again responsible for our accomplishments in 2019, which represents our best year so far in the history of FBNInsurance,’’ he said.

    Commenting, Mrs Aderenle Kehinde, Chairperson of the company’s board of directors said that the rapid growth and sterling performance of the company, in 2019, was made possible “through mining the hidden treasures in retail life insurance market’’.

    Kehinde said this business segment holds an enormous and growing opportunities for the company.

    The insurance company also announced a dividend of 97 kobo per share, representing a 49 per cent increase from 65 kobo declared in 2018.

    FBNInsurance said it had consistently paid dividends to its shareholders since 2013.

    Meanwhile the insurance company recently won the 2019 Best Life Insurance Company in Nigeria Award at the World Finance Award held in London.


    Edited By: Abdulfatah Babatunde (NAN)