FBN General Insurance settles N902m claims

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FBN InsuranceFBN General Insurance Limited, a subsidiary of FBNInsurance Limited,  paid N902 million as claims last year as against N861 million paid the previous year.

Its Chairman, Gbenga Shobo, who spoke at the company’s Annual General Meeting (AGM)  in Lagos, said the company’s cardinal focus, among others, remains to pay claims promptly.

The company’s Gross Premium Written (GPW) for the year rose to N4.63 million, achieving a year-on-year (YoY) growth of 32 per cent from the corresponding performance of N3.51 billion achieved in 2017. He said the company’s Profit Before Tax (PBT) also increased by 91 per cent to N615.6m from N322.8million posted in the preceding year.

During the period under review, the company grew its total assets by 31 per cent from N7.24 billion in 2017 to N9.45 billion in 2018, realising a significant improvement in capital efficiency just as it nurtures robust liquidity and solvency margin above the required benchmark.

Also, the Managing Director/Chief Executive Officer, Bode Opadokun said: “While we anticipate an improved operating economy, one of our strategic initiative for the year 2019 includes the implementation of our value added service, ClaimsAlert Service designed to provide a responsive service to all our esteemed Comprehensive Auto Insurance policyholders who have been involved in an accident within the Lagos Metropolis where the service is active.”

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