The Managing Director/Chief Executive Officer, FBN General Insurance, Bode Opadokun, has said the firm will not take its customers for granted, pledging to meet and surpass customers’ expectations.
Opadokun, who spoke on the firm’s commitment to claims payment, said: “For us, paying claims as due is one of our corporate strategies to building trust, improving stakeholder engagement and growing our customer base.”
According to figures obtained from the company recently published financial statements, the firm has demonstrated increased customer acceptance with a Gross Written Premium of N3.52 billion (up from N2.19 billion 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.
The company paid gross claims of N861m, a 27 per cent increase on her 2016 figures. Its increased claims expense is attributed to the high loss trends the market witnessed during the year under review. The company however made significant reinsurance recoveries on all the claims incurred from each class of business.
A financial analysis of the results 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% at year-end from NGN6.06bn achieved in 2016 to NGN7.24 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. If various indicators are anything to go by, the firm is expected to continue on her upward trajectory.
“Our strategy over the next 3-year planning horizon is aimed at delivering exceptional value to our customer by utilizing technology as a critical business enabler across key functions including product distribution, customer engagement and other operational processes,” the Managing Director said.