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FBN General Insurance Limited said its profit before tax increased by 196% to 2.17 billion naira in fiscal year 2020, from 733.2 million naira reported in 2019.
A statement released on Monday said that the managing director / managing director of FBN General Insurance Limited, Bode Opadokun, revealed it when presenting his 2020 annual report to shareholders at the company’s annual general meeting in Lagos.
An analysis of the company’s report showed that it ended the year with a gross written premium of 8 billion naira, which represents an annual growth rate of 9% compared to 7.32 billion naira in 2019. .
The company said its capital position has improved, with total equity increasing 51% year-on-year to 8.8 billion naira, from 5.82 billion naira in fiscal 2019. .
He said this could be attributed to excellent business performance in 2020 and the additional capital injection of N1.048 billion, which brought the company’s paid-up capital to N5 billion.
The insurer said the rapid growth in total equity was a reflection of the deliberate steps it was taking to prepare to meet the National Insurance Commission minimum capital requirements.
Opadokun said that against the backdrop of the challenges that characterized the year, the company achieved an outstanding performance on key indicators.
He said: “Indeed, 2020 has been a year to be remembered for its unprecedented disruption, which has been primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies.
“Yet, in the face of current circumstances, the company has achieved impressive results during the year. We have therefore demonstrated through this result our solid capacity and the sustainable execution of our strategic growth plans. It is for this reason that we look to the future with confidence.
Commenting on the company’s outlook, Opadokun said that FBN General Insurance will support the deepening of its digital capabilities and use technology as a critical business catalyst to ensure that the company’s service delivery continues to meet and exceed expectations. customer expectations.
FBN General Insurance, a subsidiary of FBNInsurance Limited, is a member of the Sanlam Group (SA).
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