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

All You Need To Know About Getting An Education Insurance In Nigeria.

All You Need To Know About Getting An Education Insurance In Nigeria When Mr. Adio who earns N250,000.00 per month attended University, the cost of fees was just N10,000 per year. He did not even have to worry about accommodation because it was free, after all, this was a Federal University. Today, Mr. Adio’s child, Tobi is 10 years old, and the same university he attended costs N55,000 per year now. Accommodation is scarce on campus and students have to get off-campus hostels which cost between N450,000 and N500,000 per year. Not to mention that there is still pending cost of feeding a child in a school which is roughly N30,000 naira per month. Tobi has also taken an interest in pilots and planes, and he says he wants to be an aeronautical engineer. To study this course in the future, Tobi would have to go to the US or Canada or consider studying at the only school taking this course in Nigeria – a private university. The cost of all these woul...Read more

Posted In : Life Insurance

Vital Questions that you need to ask about Life Insurance Plan.

Vital Questions that you need to ask about Life Insurance Plan Deciding to purchase a life insurance plan is a vital step to take. However, it is not enough to purchase a life insurance plan. There are several questions that should determine your final decision. No matter how attractive a life insurance policy seems, there are certain questions that you must ask to be sure about your final decision. These questions determine the selection of the right life insurance company and plan that is right for you or not. Here are vital questions that you should ask your insurance company as you consider the prospects of taking up an insurance plan: What is the monthly and annual premium for the insurance plan? Before you buy an insurance plan, find out the monthly and premium plan you will pay throughout the course of the plan. Premiums vary depending on the company, its plans, and its benefits. At FBNInsurance, we realize the importance of assert...Read more

Posted In : Life Insurance

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

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