By Rosemary Onuoha
FBN General Insurance Limited, a subsidiary of FBNInsurance Limited said it paid N902 million as claims in 2018, up by 4.8 percent from N861 million paid in 2017.
The Chairman of the company, Gbenga Shobo, who gave this figure at the company’s annual general meeting (AGM) held in Lagos, disclosed that the company’s cardinal focus among others is to pay claims promptly.
According to him, the company’s Gross Premium Written (GPW) rose to N4.63 million, which represents 32 percent growth from the corresponding performance of N3.51 billion achieved in 2017. He said the company’s profit before tax also increased by 91 percent to N615.6 million from N322.8 million posted in the preceding year.
During the period under review, the company grew its total assets by 31percent from N7.24 billion in 2017 to N9.45 billion in 2018, realising a significant improvement in capital efficiency just as it nurtured robust liquidity and solvency margin above the required benchmark.
Speaking on the future outlook of the company, the Managing Director/Chief Executive Officer, Bode Opadokun said, “while we anticipate an improved operating economy, one of our strategic initiatives for the year 2019 includes the implementation of our value added service, ClaimsAlert Service designed to provide a responsive service to all our esteemed Comprehensive Auto Insurance policyholders who have been involved in an accident within the Lagos Metropolis where the service is currently active.”