The Nation Newspaper

Tag: FBNInsurance

  • FBNInsurance pays N4.8b claims, declares dividend

    FBNInsurance Limited, one of the leading life insurance companies in Nigeria has closed the year with positive results and also made prompt claims payments to customers despite the unpredictable economic situation in the country occasioned by preparation for the just- concluded general election, the Managing Director, FBNInsurance Limited, Mr Val Ojumah has said.

    He spoke while presenting the company’s annual report to shareholders at the Annual General Meeting (AGM) which held in Lagos.

    He said the company also announced a dividend of 65 kobo per share, representing 81 per cent increase from 36 kobo that was declared for 2017.

    Reviewing the year, Ojumah said the company’s Gross Premium Written (GPW) grew by 33 per cent to N26 billion in 2018 from N19.6 billion in 2017, while Profit Before Tax (PBT) appreciated by 44 per cent from N4.2 billion in 2017 to N6.13 billion in 2018.

    The performance, he said, was driven by the company’s sustained growth and penetration into the retail segment of the industry.

    He said: “Over the same period, as a responsive and responsible organisation, we promptly paid claims to our clients to the tune of N4.8 billion which is a 66 per cent increase from N2.9 billion in 2017. Our strategy remains to provide financial security to our customers.

    “We are keen to attain uncontested leadership status in the life insurance sub-sector as well as aggressively exceed our customers and shareholders’ expectations”.

    Commenting on the company’s financial returns, the Chairperson of the Board of Directors, FBNInsurance Limited attributed the growth and performance of the company in 2018 to its commitment in putting its clients first and resilience in achieving remarkable milestones.

    “Ours is a business of trust and as part of our efforts geared towards maintaining indisputable leadership in the life insurance sub-sector, we have built a solid foundation where our clients can insure their trust because of our reputation over the years of paying claims promptly” she said.

    FBNInsurance is an FBNHoldings company associated with the Sanlam Group of South Africa.

  • FBNInsurance drives sales with Ember Championship

    NO motivate staff and increase performance in  policy uptake, sales and new businesses, FBNInsurance Limited, an FBNHoldings Company associated with the Sanlam Group SA, has rewarded winners of its yearly MD/CEO Ember Championship Award.

    At the award presentation, which held in Port Harcourt, the Rivers State capital, the Head, Retail Distribution, Odinakachi Umekwe, reiterated that the championship was designed to push new premiums and increase persistency between September and December yearly.

    ‘’We know how hard it is to get people to buy insurance, especially as the year ends. To encourage sales and get new businesses, this competition was set up to reward the Sales Areas that meet certain sales criteria during this period,” he said.

    He explained that for ease of administration of the award, the country was divided into areas. Port Harcourt Area won the best performing Area while Benin and Enugu came second and third respectively for the period under review.

    Presenting cash award, FBNInsurance Limited Managing Director, Valentine Ojumah, commended the Area and charged it to do more to get a greater reward.

    He promised to support them to ensure they meet their sales target. He enjoined other areas to step up their performance to join the league of the winners.

    FBNInsurance operates a robust retail structure of over 2,000 retail agents operating out of 42 sales outlets nationwide.

  • FBNInsurance posts N6.3b profit

    FBNInsurance Limited has grown its Profit Before Tax (PBT) by 44 per cent from N4.26 billion in 2017 to N6.13 billion by December 31, 2018.

    The underwriting firm also recorded a 33 per cent growth in its Gross Premium Written (GPW) from N19.6 billion in 2017 to N26 billion in 2018.

    In a statement,FBNInsurance Managing Director/Chief Executive Officer, Val Ojumah said the firm released the financial report, after  it was approved by the regulator, National Insurance Commission (NAICOM).

    Ojumah, who said the firm witnessed growth across various measurement indices, attributed the performance of the company to their resilience in achieving the strategic aspiration of becoming the most profitable life insurance company in Nigeria.

    He said: “The 2018 result has not only moved us several steps towards this goal, it has also raised the bar for our performance in 2019. Given our track record of strong and sustainable growth, we are confident that FBNInsurance will wax stronger in 2019 despite the anticipated lull in economic activities due to political and electioneering activities.

    “The company’s Return on Equity (RoE) rose to 45 per cent up from 34 per cent in 2017 and achieved a post-tax Return on Assets (RoA) of 8 per cent. The firm has been growing very fast. Last year, we won the 2018 Africa Re/AIO Insurance Company of the Year and was also assigned an “A+” rating by Agusto & Co”, he added.

    FBNInsurance is a member of the FBNHoldings of the Sanlam Group SA. It was incorporated in 2010 and has over 40 sales outlets and three branches nationwide.

  • FBNInsurance projects 30% growth in 2019

    Fast-Growing insurance company, FBNInsurance Limited, has projected a 30 percent growth in its business in 2019, in spite of the uncertainty in an election year.

    Its Managing Director/Chief Executive Officer, Mr. Val Ojumah, made this known at a briefing in Lagos.

    He said the company grew by over 40 percent in 2018 and he is optimistic that this growth trajectory can be sustained this year.

    Specifically, he reiterated the company’s commitment to a customer-centric culture which ensures that FBNInsurance partners with its customers, individuals and businesses, in the mitigation of their risk. He also said that the company believes in creating value for its customers by providing excellent customer service.

    He added that the company has progressively delivered strong financial performance every year since it began operations in 2010.

    He said: “Based on unaudited 2018 financial reports, our revenue grew by over 40 percent relative to audited 2017 reports. This growth rate is well above the industry growth rate, estimated to be approximately 10 percent. As we launch into the 2019 financial year, we are confident that we would maintain this strong growth trajectory given our strategic focus on profitable market segments. Our track record over the years tells a consistent story of continuous business growth and expansion. For instance, our audited 2017 financial statements showed robust growth across various performance metrics such as profit before tax (PBT) which grew by 37 percent from N3.1 billion in 2016 to N4.3 billion in 2017 while gross premium written (GPW) grew from N9.9 billion in 2016 to N19.6 billion in 2017, representing a massive 98 percent growth. Giving the market potential of the life insurance industry in Nigeria, we expect an equally productive 2019.

    “Many have pondered about the strategy behind the swift rise to prominence of FBNInsurance within a few years. I believe there is no singular factor responsible for the company’s performance rather, the company’s success has been as a result of multiple factors and initiatives that have been coherently deployed. Our performance can be attributed to a combination of factors, including our continued penetration of the retail insurance space, the strength of our brand, a deliberate cost optimisation culture, a disciplined risk management philosophy, consistent improvements in service delivery across various customer touchpoints, the use of emerging distribution channels, a commitment to prompt settlement of claims and a well-motivated staff.’’

    Continuing he said: ‘’In addition, and probably most importantly, we adopt, a “You First” mindset, as a critical component of our business strategy. This mindset implies that we put our customers first in the process of carrying out our business operations. We understand the importance of being there for customers especially when they need us most such as during claims settlement.”

    FBNInsurance has been recognised for its outstanding and consistent performance over the years. Some of these recognitions include: Best Insurance Company in Africa by African Re (2018); Best Life Insurer in Nigeria by World Finance (2014, 2016 and 2017), Cup of Nations Award by Sanlam Emerging Markets (2014 and 2016) and A+ rating by Agusto & Co (2106 and 2018). These, among other recognitions, attest to the fact that FBNInsurance has indeed become one of the leading and exemplary insurance companies in Nigeria.

    FBNInsurance is an FBNHoldings company in association with the Sanlam Group, South Africa. FBNInsurance was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of three branches and over 40 sales outlets nationwide.

  • Apampa joins FBNInsurance

    FBN Insurance Limited, a member of the FBNHoldings Company associated with the Sanlam Group of South Africa, has announced the appointment of Mr. Moruf Apampa as Executive Director, Business Development.

    This is coming on the heels of the confirmation of appointment by the National Insurance Commission (NAICOM).

    This was made known in a statement to reporters in Lagos.

    Apampa’s career started at T.A. Braithwaite Insurance Brokers and Company in 1994 where he learnt the ropes of Insurance Brokage in Nigeria. In 1997, he joined Elmac Assurance Company Limited as Special Products Manager and grew through the ranks to become the Marketing Manager of the firm with experience in managing the company’s branches in Abuja and Kano at various times.

    A seasoned insurance practitioner, Moruf has over 20 years of insurance, Sales Marketing and Business Development experience in  leading insurance companies including                            AIICO Insurance PLC and Sunu Assurances Nigeria Limited where he led the team as its MD/CEO and launched the first USSD mobile solution in the insurance industry before joining FBNInsurance as Executive Director, Business Development in 2018.

    Speaking on the appointment, Managing Director, FBNInsurance, Val Ojumah said Moruf is the astute Insurance professional any company would be proud to have on board.

    With more than two decades’ experience under his belt, we are sure he would bring that experience and managerial proficiency to bear on our business, he noted.

  • FBNInsurance gets ED

    FBNInsurance has announced the appointment of Festus Izevbizua as its Executive Director (ED), Finance and Administration.

    In a statement, the firm’s Head, Corporate Affairs, Elizabeth Agugoh said this followed Izevbizua’s appointment’s confirmation by the National Insurance Commission (NAICOM).

    She said Izevbizua started his carrer at the Deloitte Akintola Williams and Co. in 1991.

    “After a five-year stint at Deloitte Akintola Williams, he joined the banking industry and went on to have a glowing career for over 18 years spanning leading banks, including Diamond Bank, United Bank for Africa and Standard Chartered Bank where he was Finance Operational Risk Manager and later Financial Controller before joining FBNInsurance as Chief Financial Officer in 2014.

    Izevbizua has almost three decades’ experience in Banking, Operational Risk Management, Oil and Gas, Accounting, Tax Matters and International Finance. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an Associate Member of the Nigerian Institute of Management (NIM) and a Senior member of the Chartered Insurance Institute of Nigeria (CIIN).

    He holds a Bachelor’s degree in Economics from the University of Benin and an Masters in Finance from the University of Calabar.

    Izevbizua is an Alumnus of Colombia Business School, New York and a Fellow of the Institute of Credit Administration (ICA).

  • FBNInsurance promotes literacy among children

    In celebration of the International Literacy Day and in line with the FBNHoldings Group Corporate Responsibility and Sustainability initiatives, FBNInsurance has supported back-to-school kits to needy children in Lagos.

    At an event organised by a non-governmental organisation, Jakin NGO, 500 school children from various homes and hospices got free school bags, uniforms, notebooks, sandals and socks, among others.

    Jakin NGO covnvener, Bukola Adebiyi, expressed gratitude to the management of FBNInsurance for their support for the programme. She said the insurer had been sponsoring Jakin NGO’s Dress-A-Child-for-School programme for some years.

    FBNInsurance Managing Dirctor, Val Ojumah praised  Jakin NGO for its commitment to the less privileged. He said  at FBNInsurance, they take education seriously.

    He said: “This is why our best selling product, FlexiEdu, is designed to help parents and guardians ensure their children and wards enjoy the very best of education, come what may..

    “FBNInsurance’s strides in the area of education is well documented. Earlier in the year, the firm refurbished two blocks of classrooms and sunk boreholes in two schools at a rural community near Abraka, Delta State,” he noted.

  • FBNInsurance harps on service delivery

    FBNInsurance said it committed to outstanding customer service through the firm’s sponsorship of the Customer Amazement Revolution Masterclass with Customer Service expert, Shep Hykens and economist, Prof Benjamin Akande.

    Hyken, the lead facilitator, emphasised the need for every business to realise that customers no longer compare apples with apples, but rather they compare the quality of service received from the business to the best they have enjoyed elsewhere even if the industries was different.

    He proposed the out-convenience model for winning customer’s trust.

    Akande charged business leaders to commit to building a vibrant generation of youth leaders who will affect the economic space going forward.

    FBNInsurance Managing Director Val Ojumah, commended the organisers and other sponsors of the conference for their support.

    He reiterated his firm’s commitment to better customer service as a pre-requisite to continuous customer satisfaction via multiple touch points.

    The Masterclass, which was put together by The Workplace Centre, had various professionals from the financial services, health sector, among others in attendance.

    FBNInsurance recently hosted a Customer Forum in Aba.

  • FBNInsurance gets AfricaRe/AIO Insurance Company of the Year award

    FBNInsurance has been named the Insurance Company of the Year  at the just-concluded 45th AfricaRe/AfricanInsurance Organisation (AIO) conference in Accra, Ghana.

    Established in 1972, AIO promotes inter-African co-operation in insurance and develops a healthy insurance and reinsurance industry in Africa.

    The awards recognise outstanding firms and individuals who have made remarkable contribution to the African insurance industry.

    While acknowledging the company’s rapid growth, the organisers referenced the average growth of 57.36 per cent in premium income over the last three years, 58.6 per cent of net profit and 43 per cent of shareholders’ funds.

    Figures from the company’s released audited statement revealed the company recorded a 98 per cent growth on her year-on-year premium and a 37 per cent increase in her profit before tax over the full financial year.

    FBNInsurance Managing Director, Val Ojumah thanked the organisers for  the award and dedicated it to the firm’s owners – FBNHoldings and Sanlam SA – the Board, Management and staff of his company.

    He said: “The AIO awards remains one of the most sought-after on the African continent for many reasons. We are honoured to win the prestigious Insurance Company of the Year award as this strengthens our position as the fastest growing insurance company in Nigeria and a thriving business on the continent. It is also another confirmation that our corporate strategy works.

    “The company has defied the odds to become one of the leading life insurers in Nigeria’s sceptical market. With a robust agency structure boasting over 2000 sales agents, the company has consistently delivered on its strategic objectives by offering responsive insurance products to the market. The AfricaRe/AIO Insurance Company of the Year is the company’s third major award in the past one year.’’

  • FBNInsurance profit soars by 37%

    Life insurer, FBNInsurance’s Profit Before Tax (PBT), has grown by 37 per cent from N3.11 billion in 2016 financial results to N4.26 billion in 2017.

    In a statement by the company, its Managing Director, Val Ojumah said the financial report for the year ended 2017 has been approved by the industry regulator, National Insurance Commission (NAICOM).

    According to him, Gross Premium Written (GPW) also grew from N9.9 billion in 2016 to N19.6 billion in 2017, a massive 98 per cent increase.

    Figures obtained from the published financial statements showed a general growth across various measurement indices.

    He credited the performance to a combination of factors, including continued penetration of the retail insurance space, strong cost optimisation culture, consistent and efficient service delivery across available touchpoint, exploitation of new service channels, disciplined risk management, and a well-motivated workers.

    He said: “Our overall performance once again reinforces our strong earning capacity and robust capital base, which have put us in better stead to accommodate and sustain future growth. Our Return on Equity (RoE) rose to 34 per cent (up from 29 per cent 2016) and achieved a post-tax Return on Assets (RoA) of six per cent.”

    It would be recalled that FBNInsurance was last year recognised –for the third time in four years- as the Best Life Insurer in Nigeria by World Finance, while Sanlam Emerging Markets (SEM) awarded it the prestigious Nations Cup for a glowing performance all round among SEM companies.

    An FBNHoldings company associated with the Sanlam Group South Africa, FBNInsurance was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of 42 sales outlets and three branches nationwide.