By Omobola Tolu-Kusimo
FBN General Insurance Limited presented its 2020 Annual Report to shareholders at the company’s Annual General Meeting (AGM) recently held in Lagos.
An analysis of the company’s report showed that the company closed the year with a gross written premium (GPW) of 8.0 billion naira, which is an annual growth rate of nine percent from the 7. 32 billion naira made during the corresponding period. period of 2019.
In addition, profit before tax (PBT) for the year was 2.17 billion naira, an annual growth rate of 196% compared to the 733.2 million naira reported during the period. correspondent of 2019.
The company’s capital position has improved significantly, with total equity increasing by 51% year-on-year to reach N8.80 billion, from N 5.82 billion reported in fiscal 2019.
The company attributed the growth to excellent business performance during the year 2020 and the additional capital injection of N1.048 billion, which invariably brings the company’s paid-up capital to N5 billion.
The insurer further revealed that the rapid growth in total equity is a reflection of the deliberate steps the company has taken to prepare to meet NAICOM’s minimum capital requirements.
FBN General Insurance Limited Managing Director / Managing Director Bode Opadokun spoke at the Annual General Meeting (AGM), reiterating that the company has performed exceptionally on key metrics against the backdrop of the challenges facing characterized the year.
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 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.