Investors of FBN General Insurance Limited are upbeat for a better dividend as the company says it has recorded 17 per cent growth in its total assets in 2019.
The company’s asset leap to N11 billion from N9.4 billion recorded in 2018.
In a statement after its virtual Annual General Meeting (AGM) of the Insurance Company, Mr Bode Opadokun, Managing Director/Chief Executive Officer, said the company witnessed an impressive growth along key metrics and across major lines during the financial year under review.
“We grew our Gross Premium Written (GPW) by 58 per cent from N4.63 billion in 2018 to N7.31 billion in 2019.
“We also recorded a 19 per cent increase in Profit Before Tax (PBT) of N733 million compared to N615 million recorded in 2018,” he also said.
Opadokun said the company ensured prompt claims payment to its customers during the year to the tune of N2.3 billion.
Gbenga Shobo, Chairman of the Insurance firm, expressed satisfaction with the 2019 financial year result.
He said FBN General Insurance will sustain the trajectory in 2020 financial year.
“We shall deploy strategies aimed at optimizing the inherent opportunities within the economy.
“We are quite optimistic that year 2020 will be the best so far for our shareholders and esteemed customers in the history of FBN General Insurance Ltd,” he said.
FBN General Insurance Limited, a subsidiary of FBN Insurance Limited, is owned by the Sanlam Group, South Africa. It was incorporated in 2014 to transact general insurance business in Nigeria with branches across the country.
