The Nation Newspaper

Tag: FBN General

  • UBA, FBN General, STI, others to sponsor confab

    United Bank for Africa  (UBA Plc), FBN General Insurance and Sovereign Trust Insurance are among sponsors of the inaugural Lagos State Petroleum Marketers Safety Conference slated for September 18 to 20.

    The event, being coordinated by an industry Safety consultant, Bendeb Sylmar Associates, in collaboration with Lagos State Safety Commission, is aimed at gathering industry experts, regulators and government to a roundtable to discuss how to enhance productivity in handling petroleum products

    The conference is expected to set the tone for an enhanced policy articulation and deliberation on safety as it concerns the petroleum sector and its entire value chain.

    Bendeb Sylmar Associates Chief Executive Officer, James Akin Ashokeji, said the conference would be a rallying point in the industry, adding that the deal with Lagos State could create an avenue for cross fertilisation of ideas, set agenda and define the space for petroleum industry in the state.

    He said: “Top speakers and international facilitators have indicated interest to participate, while key industry leaders and thought leaders in petroleum sector are billed to expand the discussions and chart a new narrative in the industry.

    “The Minister of State for Petroleum Resources, Dr Emmaneul Ibe Kachikwu is the guest of honour;  Chairman House Committee on Petroleum Resources, Downstream, Hon. Akinlaja Joseph is the guest speaker. Lagos State Governor, Akinwunmi Ambode is the Chief Host.

  • FBN General sustains growth, grosses N3.51b premium in 2017

    FBN General Insurance has grossed a premium income of N3.51 billion in the financial year ended December 31, 2017, reflecting a year-on-year growth of 60 per cent from N2.2 billion in 2016.

    The company’s claims and expenses rose by 180 per cent from N270 million to N756 million. Profit before Tax (PBT) closed at N322 million, representing a growth rate of 66 per cent.

    In a statement by its Managing Director, Bode Opadokun, the growth was partly driven by improved asset and investment portfolio management resulting in an investment income growth of 112 per cent.

    He said: “The 2017 account was approved by the National Insurance Commission, (NAICOM). During the year under review, we consolidated on the strategic restructuring across key business functions.

    “This has inspired a profitable performance exemplified by our total assets recording an appreciable growth of 27 per cent at year-end from N6.06 billion achieved in 2016 to N7.72 billion in 2017. With our strategic marketing drive and the support of our dedicated staff, we are hopeful of sustaining our growth in 2018.

    “It is worthy of note that in addition to the company’s restructuring efforts during the year, FBN General has implemented some tactical initiatives, chief of which is the diversification into retail product sales to enhance her value proposition to customers. Though, the company recorded high claims expenses for the period, which stood at N756 million, a year-on-year growth of 180 per cent, this is symptomatic of the general high loss trend during the year and a testament to the firm’s commitment to her customer’s satisfaction,”he added.

    FBN General Insurance is a wholly owned subsidiary of FBNInsurance Limited, an FBNHoldings company associated with the Sanlam Group SA.

     

  • FBN General, Wapic Life get NAICOM’s nod on 2016 accounts

    FBN General Insurance Limited and Wapic Life top the list of firms to get approval for their 2016 financial accounts.

    This was made known in Lagos by the National Insurance Commission (NAICOM) in its Status Report of 2016 Financial Statements of Insurance Companies by March 8, 2017.

    The report showed that 10 companies, including Wapic General; Ensure Insurance; Continental Re; Law Union and Rock; FBNInsurance; Consolidated Hallmark Insurance; Zenith General and Zenith Life Insurance submitted their results for the year.

    NAICOM noted that Great Nigeria Insurance, NICON Insurance and Universal Insurance are yet to get approval for their 2015 accounts approved.

    African Alliance Insurance, which has not been able to get approval for its 2015 accounts, was referred to the Financial Reporting Council (FRC).

    It was stated that the 2015 accounts of Investment and Allied and Goldlink Insurance which are undergoing regulatory intervention are under review.

    NAICOM had threatened insurance firms that fail to submit their financial accounts on or before June 30 will be restricted from engaging on some activities.

    The commission said it would also take action against officials accountable for financial reporting as well as publicise the compliance status of insurance institutions on its website for public guidance.

  • Why our products are unique, by FBN Insurance, FBN General

    Why our products are unique, by FBN Insurance, FBN General

    Products of FBNInsurance Limited and FBNInsurance General Limited have been tailored to suit every household and business in the country, FBNInsurance Managing Director, Val Ojumah has said.

    He made this known while unveiling their products at the Media Product Fair in Lagos. The managements of both firms took time to highlight the array of products to carter for risks faced by the public.

    Ojumah, who said the FBNInsurance group has evolved, said FBN General and FBN Insurance brokers are subsidiaries of the group which is under First Bank holding company.

    According to him, the coming of the firms into underwriting business has helped change the landscape of the insurance industry as they have continued to occupy more grounds at a time many of their peers are running around looking for investors to help shore up their capital.

    He said they have over 100 year’s heritage each from First Bank Nigeria Plc and Sanlem Group, as investors in FBNInsurance seperate them from other insurance firms in the industry.

    He said the firms’ claims payment records remain one of the best in the industry and that they work round the clock to ensure customers’ claims are attended to promptly.

    He noted that the company’s products are affordable, adding that their rates are not the cheapest and are also not the most expensive.

    He stressed that it is important for insurance companies to do adequate pricing so that they can meet pay claims.

    He said: “It is important for insurance firms to do what they say. We are here to pay claims. We will not be the cheapest and certainly not the most expensive firm in terms of rate.

    “One of the main competitive tools in the industry today is pricing. Many insurance companies are prepared to  take next to nothing in order to sell their products. We will not do this because it is not healthy for us to do’’.

    He said their life and general insurance firms connect in both formal and informal ways to share services to achieve one goal which is providing insurance services in a unique way to satisfy their clientele.

    Managing Director of FBNInsurance General, Bode Opadokun  said the company within the very short time of operations has transformed general insurance business through the array of products in its kitty.

    Some life transforming products presently in the kitty of the General business include: Fire and special peril, motor insurance, plant and all risk policy, personal accident marine cargo and more.

    FBNInsurance has flexible education plan, easy save plan, flexible saving plan, flexible cash flow plan, family income protection plan, extended family support plan, guarantee lifetime retirement income plan, annuity and many more, he said.

    Opadohun added that —