FBN Insurance premium income hits ₦42.5bn in 2020

FBN Insurance Limited, a fully owned subsidiary of Sanlam Emerging Markets (Pty) Limited has presented its 2020 Annual Report to shareholders at the company’s Annual General Meeting (AGM) held in Lagos recently.

Speaking at the Company’s 2020 Annual General Meeting (AGM), the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, disclosed that despite the challenging operating environment in the country, the company closed the year with positive results and made prompt claims payment to customers.

An analysis of the company’s report showed that the group recorded an improvement in net premium income at 8% year-on-year growth from ₦39.2 billion to ₦42.5 billion in 2020.

Total assets of the group increased by 47% from ₦116.0 billion to close at ₦170.0 billion as at 31 December 2020. This growth was driven by the company’s investment strategy supported by the increase in premium written particularly from retail life and annuity.

Insurance and investment contract liabilities grew by 58% from ₦88.4 billion to ₦139.3 billion in 2020.