Yemisi Izuora
Fast growing Life Insurer, FBNInsurance, has been named the Insurance Company of the Year at the recently concluded 45th AfricaRe/African Insurance Organisation (AIO) conference in Accra, Ghana.
Established in 1972, AIO seeks to promote inter-African co-operation in insurance and to develop a healthy insurance and reinsurance industry in Africa. Their annual 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’ fund
Figures from the company’s recently released audited statement revealed the company recorded a 98 per cent growth on its year-on-year premium and a 37 per cent increase in its profit before tax over the full financial year.
Commenting on the latest award, the Managing Director/Chief Executive Officer, FBNInsurance, Val Ojumah, thanked the organisers for maintaining its status as a credible organisation over the years and dedicated the award to the owners, FBNHoldings and Sanlam SA, the board, management and staff of the company.
“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,” he noted.
Incorporated eight years ago, FBNInsurance 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 Nigerian market.