FBNInsurance Limited Projects 30% Growth in 2019
FBNInsurance Limited, a Limited Liability Company licensed to transact Life Insurance businesses in Nigeria has projected a 30 per cent growth in its business in 2019, in spite of the uncertainty in an election year.
The Managing Director/Chief Executive Officer, Mr. Val Ojumah, in a statement said that the company grew by over 40 per cent in 2018, and that he was optimistic that this growth trajectory could be sustained this year. He reiterated the company’s commitment to a customer-centric culture which ensured that FBNInsurance partnered its customers, individuals and businesses, in the mitigation of their risk.
Ojumah stated that the company was committed to creating value for its customers by providing excellent customer service. He added that the company had progressively delivered strong financial performance every year since it commenced operations in 2010.
He said, “Based on unaudited 2018 financial reports, our revenue grew by over 40 per cent relative to audited 2017 reports. This growth rate is well above the industry growth rate – estimated to be approximately 10 per cent.
“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 which grew by 37 per cent from N3.1 billion in 2016 to N4.3 billion in 2017, while gross premium written grew from N9.9 billion in 2016 to N19.6 billion in 2017, representing a massive 98 per cent growth.
Giving the market potential of the life insurance industry in Nigeria, we expect an equally productive 2019.”
While explaining the strategy behind the swift rise to prominence of FBNInsurance within a few years, Ojumah added that the company’s success had been as a result of multiple factors and initiatives that had been coherently deployed.
He said, “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 touch points, the use of emerging distribution channels, a commitment to prompt settlement of claims and a well-motivated staff.
“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.”