Fast-growing life insurer, FBNInsurance limited, has confirmed its continuous growth amongst the comity of insurers by bagging the prestigious ‘A+’ credit rating from the foremost research and credit ratings company, Agusto & Co. In the final rating report, the credit ratings company acknowledged FBNInsurance as a “financial institution with satisfactory financial condition and adequate capacity to meet its obligations as and when they fall due.” The report states further that: “the rating reflects its (FBNInsurance’s) strong capitalization, good profitability, moderate exposure to underwriting risk, good cash flow and liquidity as well as an experienced management team.” Industry watchers believe that while the company’s affiliation to FBNHoldings has helped her business development and risk management initiatives, her association with the Sanlam Group (SA) on the other hand has clearly aided the...Read more

In line with her corporate strategy and as a show of her continued commitment to growing the insurance retail market, the management of FBNInsurance recently rewarded her top retail agents at her annual Retail Awards held in Aba, Abia State. At the event, Ndubueze Onyekachi of the Aba Sales Region, won a brand new car as the overall winner in the financial advisor category; Ikenhi Wisdom got an all-expense paid trip to Dubai as first runner-up while Iyogwoya Roseline, last year’s winner, won a 55” OLED TV as the second runner-up. Speaking at the event, Odinakachi Umekwe, Head, Retail Distribution, FBNInsurance, acknowledged the support of the Board and Management of the company while encouraging the winners not to relent in their sales drive. “Winning is not the end of it, there is always more work to be done. Congratulations for winning this time, but remember, many others want to win too; so, work harder,” he said. Head...Read more

Despite its over 2,000-man strong retail team, FBNInsurance Limited is increasing its investment in retailing to reach every part of the country, the Managing Director, Val Ojumah, has said. Ojumah, who spoke at the company’s headquarters in Lagos, said this was part of the company’s strategic plans for the year. He said the firm’s commitment to take insurance to the nooks and crannies of the country indicated its willingness to go the extra mile in providing affordable and responsive insurance to the hitherto uninsured. He said: “Our strong presence in the retail space cannot be disputed. In spite of the number of insurance companies in Nigeria, we are yet to scratch the surface in terms of the potential of the market. “As a company, we are looking to consolidate our retail presence, improve on our delivery time and achieve a most effective process for our key functions and deliveries.’’ On the company’...Read more

On November 1st, 2017, the parties launched ‘Servier Insurance’, a loyalty product which will provide Life and Health insurance cover to all Servier customers in Nigeria. While customers purchase medication, they will now be required to register the drugs to activate the insurance cover for free. Speaking on the occasion, Ayoola Dominic, Director of Operations, Middle East and Africa (MEA) Division – Servier International, stated: “Servier is on an aggressive growth trajectory in Nigeria, and we feel this is the right time for us to collaborate with MicroEnsure to provide high quality medical services to low-income earners in the country. We approached MicroEnsure because we believe that the organization is in a good position to help us achieve this objective. Servier and MicroEnsure share a common objective of understanding needs of unserved low and middle income segment of society. We are excited about this partnership and look forward t...Read more

Fast growing Life insurer, FBNInsurance, has released its financial report for the year ended 2017 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 37% from N3.11 billion in 2016 to N4.26 billion in 2017; while the gross premium written (GPW) grew from N9.9 billion in 2016 to N19.6 billion in 2017, a massive 98% increase. While commenting on the financial statement, Val Ojumah, Managing Director/Chief Executive Officer, FBNInsurance, credited the strong performance to a combination of factors including continued penetration of the retail insurance space, strong cost optimisation culture, consistent and efficient service delivery across available touchpoint, exploitation of new service channels, disciplined risk management, and a well-motivated staff. “Our ove...Read more

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 recognize 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% in premium income over the last three years, 58.6% of net profit and 43% of shareholders’ funds. Figures from the company’s recently released audited statement revealed the company recorded a 98% growth on her year-on-year premium and a 37% increase in her profit before tax over the full financial year. Commenting on the latest award, Managing Director/Chief Executi...Read more

In line with their Corporate Responsibility and Sustainability initiatives, sister insurers, FBNInsurance and FBN General Insurance, recently donated various items to two care homes, the Down Syndrome Foundation and Heritage Homes. The companies donated various food items, toys and beverages to Heritage Homes; while they made a cash donation to the management of Down Syndrome Foundation. Most of the items donated were largely raised through the companies’ annual Staff Gift drive, an in-house scheme that encourages members of staff of both companies to donate various items to a common cause. At the presentation ceremonies, the Chief Human Resources Officer, FBNInsurance, Mr. Emeka Dibia, conveyed the insurers’ goodwill to both organizations while appreciating their efforts towards making the society better. He charged them not to relent on the good they are doing and also restated the commitment of the FBNInsurance Group to the cause of both the orp...Read more

In a bid to continually touch lives in the society, FBNInsurance Limited and FBN General Insurance Limited, have reached out to the Down Syndrome Foundation, as part of their end of the year appreciation activities. While receiving the combined team of both companies at the administrative office and resource centre of the Foundation in Lagos, the Foundation’s Administrative Manager, Muyiwa Majekodunmi, thanked the companies for the kind gesture and used the opportunity to enlighten the team about Down syndrome. According to him, Down Syndrome is just a freak of nature, it’s a chromosomal defect. Each cell contains 21 chromosomes but for Down Syndrome patients, somewhere along the line during conception, an additional chromosome pops up thus causing the condition. “These are wonderful kids and the reason why we exist is to act as an advocacy group for them and ensure that they become useful to themselves and the society. We are like that br...Read more