In The News

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Life Insurance
General Insurance

FBNInsurance clinches Global Award for the fourth time!

On January 15th, 2020, the World Finance Magazine announced the winners of its 2019 World Finance Global Insurance Award. The spotlighted insurance firms according to the magazine are transforming the global insurance sector, with their use of technology and their desire to have a relationship with their customers; one that would be long-lasting. FBNInsurance, once again claimed the World Finance Global Insurance Award as the Best Life Insurance Company in Nigeria. This 2019 win would make the fourth time that the company would be claiming this award as they were given the same award in 2014, 2016 and 2017. The Managing Director/CEO of FBNInsurance, Mr. Val Ojumah expressed his satisfaction at the win, attributing the accolade to the company’s continuous commitment to customer satisfaction, and investment in customer-centric technology, aimed at meeting their customers’ needs. “We are happy to have won this award yet again. We wil...Read more

FBNInsurance Grew N7.82bn Profit Before Tax, pays N9.92bn claims in 2019

The 2018 Most Profitable Life Insurance Company in Nigeria, FBNInsurance Limited, has presented its 2019 audited Annual Report to stakeholders at the company’s Annual General Meeting (AGM) held in Lagos recently. Speaking at the AGM, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, stated that the company closed the year with positive results and also made prompt claims payment to customers. Reviewing the year, Val Ojumah said “We grew Gross Premium Written (GPW) by 45% to N37.63bn in 2019 from N25.98bn in 2018; while Profit Before Tax (PBT) appreciated by 28% from N6.13bn in 2018 to N7.82bn in 2019.” The performance, he said, was driven by the company’s sustained growth and continuous penetration into the retail segment of the industry. “Over the same period, as a responsive and reliable insurer that keeps to its words, we promptly paid claims to our clients to the tune of N9.92bn which...Read more

FBNInsurance consolidates on its financial performance in 2018

FBNInsurance Limited, has released its financial report for the year ended 31 December 2018 as approved by the industry regulator, National Insurance Commission (NAICOM). Figures obtained from the published financial statements showed a general growth across various measurement indices. The company’s profit before tax (PBT) grew by 44% from N4.26 billion in 2017 to N6.13 billion in 2018; while the gross premium written (GPW) grew from N19.6 billion in 2017 to N26.0 billion in 2018, accounting for a 33% increase. While commenting on the financial statement, Val Ojumah, Managing Director/Chief Executive Officer, FBNInsurance, attributed the performance of the company to their resilience in achieving the strategic aspiration of becoming the most profitable life insurance company in Nigeria. “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 ...Read more

FBNInsurance pays N4.8bn claims in 2018, declares dividend

FBNInsurance Limited, one of the leading life insurance companies in Nigeria, has presented its annual report to shareholders at the company’s Annual General Meeting (AGM) which held in Lagos recently. Addressing the members of the press, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, stated that the company 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. Reviewing the year, Val Ojumah stated “we grew Gross Premium Written (GPW) by 33% to N26.0bn in 2018 from N19.6bn in 2017; while Profit Before Tax (PBT) appreciated by 44% from N4.2bn in 2017 to N6.13bn in 2018. The performance, he said, was driven by the company’s sustained growth and penetration into the retail segment of the industry. “Over the same period, as a responsive ...Read more

FBNInsurance settles N5.4bn claims in 9 months

FBNInsurance Limited, one of the leading life insurance companies in Nigeria, has paid out N5.4bn claims settlements to its clients at the end of the third quarter of 2019. Making the disclosure in Lagos, The Managing Director/ Chief Executive Officer of FBNInsurance Limited, Mr. Val Ojumah said that the focus of the company is to maintain the indisputable leadership position in the life insurance sub-sector by paying claims promptly and at the same time protect the interest of its various corporate and individual clients. According to Mr. Ojumah, “Ours is a business of trust and as part of our efforts geared towards maintaining irrefutable leadership in the life insurance sub-sector, we have built a solid foundation where our clients can insure their trust by promptly paying their claims. We have also deepened our footprints across Nigeria in our quest to serving our customers and shareholders even better than we have done in ...Read more

FBNInsurance to be tier one underwriter

Foremost underwriter, FBNInsurance Limited has said it will play in tier one category when the recently released Tier-Based Minimum Solvency Capital regime by the National Insurance Commission (NAICOM) begins by January 1, 2019. Its Managing Director, Val Ojumah, disclosed this today at a press conference in Lagos, adding that the the duo of FBNInsurance Limited and FBN General Insurance Limited have the financial wherewithal to operate in the category. He noted that the initiative taken by the industry regulator remains one of the best things to have happened to the insurance industry in recent times, stressing that the initiative will help address the ills in the industry. According to him, the initiative will help build capacity for underwriters, meet claims responsibilities and act professionally. He added that the step will also help push up prices of insurance stocks at the Nigerian Stock Exchange(NSE). He said the firm has been underwr...Read more

FBNInsurance commits to Customer Amazement

FBNInsurance, has restated her commitment to outstanding Customer Service through the firm’s sponsorship of the 2018 Customer Amazement Revolution Masterclass with renowned Customer Service expert, Shep Hykens and accomplished economist, Prof Benjamin Akande. Speaking at the conference, Lead Facilitator, Shep Hyken, emphasised the need for every business to realise that today’s customer no longer compare apples to apples, but they compare the quality of service received from the business to the best they have enjoyed elsewhere even if the industries were different. He went ahead to propose the Out-Convenience model for winning back the customer’s trust at all times. In his presentation, Prof Akande charged business leaders to commit to building a vibrant generation of youth leaders who will affect the Nigerian economic space going forward. Val Ojumah, MD/CEO, FBNInsurance, who was also a discussant at the conference, commended the...Read more

FBNInsurance Rejoices With Technical Partner, Sanlam, At 100

The Sanlam Group celebrates its 100th birthday, and we at FBNInsurance are proud of our association with this financial services giant, which first opened its doors in Cape Town, South Africa. Founded in 1918, Sanlam has a rich history, the Group has evolved over the years from a traditional life insurance company to a broad-based diversified financial services provider that specialises in insurance (life and general), financial planning, retirement, investments and wealth. In 1998 Sanlam demutualised, listing on the JSE Ltd and the Namibian Stock Exchange. The Group was restructured into several independent businesses within a federal business structure. Today, Sanlam is a diversified financial services provider with an extensive product offering catering for all market segments. It also remains a pioneer of technological development and innovation. The Group has consistently grown its local as well as an international footprint &nda...Read more


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