FBN General Insurance Limited’s earnings before tax increased by 196 per cent to N2.17 billion in the financial year 2020, from N733.2 million in the previous year.
A statement released on Monday by the Managing Director/Chief Executive Officer, FBN General Insurance Limited, Bode Opadokun, revealed while presenting the company’s 2020 annual report to shareholders at the company’s annual general meeting in Lagos; it ended the year with a gross premium written of N8 billion, reflecting a nine per cent increase from N7.32 billion in 2019.
The company’s capital situation improved as total equity increased by 51% year on year to N8.8 billion from N5.82 billion in the previous financial year.
This, it said, was due to the company’s good commercial performance in 2020 and the infusion of the new capital of N1.048 billion, bringing the company’s paid-up capital to N 5 billion. The rapid increase in total equity, according to the insurer, reflects the purposeful actions it was taking to meet the National Insurance Commission’s minimum capital requirements.
Despite the obstacles that characterized the year, Opadokun said the organization had an extraordinary performance across key measures.
“Indeed, 2020 will be known for its unparalleled disruptions, principally owing to the COVID-19 pandemic and its multifaceted consequences on global economies,” he stated.
FBN General Insurance would continue to strengthen its digital capabilities and use technology as a crucial business enabler, according to Opadokun, to guarantee that the company’s service delivery continues to meet and surpass consumer expectations.
The Sanlam Group includes FBN General Insurance, a subsidiary of FBNInsurance Limited (SA).