In The News

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Life Insurance
General Insurance

FBNInsurance honours outgoing Chairman

The Board, Management, staff of FBNInsurance Limited, friends, and family members all gathered recently to celebrate the outgoing Chairman, Mrs. Adenrele Kehinde. Speaking at the event, Mr. Val Ojumah, the Managing Director/Chief Executive officer of FBNInsurance Limited, said Mrs. Adenrele demonstrated brilliance, excellence and a high level of professionalism, and strong competence on the job. Mr. Ojumah also described Mrs. Adenrele as an advocate of high ethical standards who regularly challenged the company’s executive management to deliver industry-leading results using her usual mantra “the result of hard work is more work.” Also, speaking at the event, Mr. Bode Opadokun, Managing Director/ Chief Executive Officer, FBN General Insurance Limited, applauded Mrs. Adenrele for her openness and professionalism. He added that though she has retired, the company would continue to draw from her wealth of experience. Mr. Oyewale Ariyibi, a Non-Executive Director...Read more

FBNInsurance posts N47.1bn Gross Premium Written, pays N14.4bn claims in 2020

FBN Insurance Limited, a fully owned subsidiary of Sanlam Emerging Markets (Pty) Limited has presented its 2020 Annual Report to shareholders 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, disclosed that despite the challenging operating environment in the country, the company closed the year with positive results and made prompt claims payment to customers. An analysis of the company’s report showed that the group recorded an improvement in net premium income at 8% year-on-year growth from ?39.2 billion to ?42.5 billion in 2020. Total assets of the group increased by 47% from ?116.0 billion to close at ?170.0 billion as at 31 December 2020. This growth was driven by the company’s investment strategy supported by the increase in premium written particularly from retail life and annuity. Insurance and investment contract liabilities grew by...Read more

FBNInsurance Rewards Retail Agents

As part of her drive to motivate her retail sales force and in line with her corporate strategy, the Management of FBNInsurance Limited, recently rewarded her outstanding Financial Advisors, Sales Managers, Senior Sales Manager and Area Sales Managers during her 2020 MD/CEO EMBER Award and The Retail Annual Competition (TRAC) Award held in Lagos. Speaking on the awards at the ceremony, the Executive Director, Retail Business Distribution, FBNInsurance Limited, Mr. Odinakachi Umekwe, commended the efforts of the retail team for the outstanding performances they put forward despite the pandemic. According to him, “The retail team is the company’s potent sales force. This team of over 2000 vibrant men and women all over Nigeria has sold insurance under the most challenging environment to ensure the company stays ahead in the retail space despite the limitations imposed by COVID-19. This award ceremony is to adequately reward the top Financial Advisors and motivate others...Read more

FBNInsurance settles N11.4 billion claims in 9 months

FBNInsurance Limited has continued to maintain its position as irrefutable leader in the life insurance segment in the nation’s insurance sector as it paid out N11.4 billion claims to its clients as of the end of the third quarter of 2021. According to the data made available by the insurer, the sum of N11.4 billion was paid out between January and September 2021, which represents a 39% increase when compared to N8.2 billion paid in the same period in 2020. Further breakdown showed that Individual Life insurance had the highest figure totalling N5.3 billion, while Annuity accounted for N3.5 billion. Other figures released were N1.9 billion for Group Life insurance, and N687 million for Credit Life insurance. Making this disclosure in Lagos, the Managing Director/Chief Executive Officer of FBN Insurance Limited, Mr. Val Ojumah, stated that in a bid to protect the interest of both corporate and individual clients, the company has built a solid foundation where clients c...Read more

FBNInsurance donates to orphanage homes, hospice

As part of its Corporate Responsibility and Sustainability (CR&S) initiative, FBNInsurance Limited and its subsidiary, FBN General Insurance, recently donated various items to Orphanage Homes and a Foundation across three geographical regions of the country: Lagos, Abuja and Port Harcourt. A statement by the insurance firm named the beneficiaries as Heritage Homes Orphanage, Lagos, Down Syndrome Foundation, Lagos, The Poorest of the Poor, Abuja, and Goodness and Passion Orphanage Home, Port Harcourt. Items donated by the leading Life Insurance firm include food, beverages, toiletries as well as an undisclosed amount of cash to the beneficiaries. Most of the items donated to the Homes and Hospice, according to the statement, were largely raised through the company’s annual Staff Gift Drive which is an in-house initiative that encourages members of staff of the company to donate various items for a common cause. The FBNInsurance Staff Gift Drive was incepted in 2015...Read more

FBNInsurance: Digital Innovation can help build trust in the Nigerian insurance industry

Nigeria’s insurance market boasts huge potential, but it is difficult to unlock because of the lack of trust between customers and insurance providers. FBNInsurance believes technology is about to change this. With a young population and a rapidly growing middle class, Africa presents huge opportunities to insurers. But so far, this potential has been relatively untapped. In 2016, the whole continent of Africa represented only 1.5 percent of the global insurance market. The insurance penetration rate is particularly low in Nigeria. There are a number of reasons for this, but perhaps one of the most significant is a lack of trust in insurance providers. Many people in Nigeria still struggle to believe that their claims will be paid quickly, fairly and accurately. FBNInsurance believes the way to warm Nigerians to the concept of insurance is to build trust and enhance transparency through digital innovation. World Finance spoke with Val...Read more

CR&S: FBNInsurance Donates to Homes and Hospice

As part of its Corporate Responsibility and Sustainability initiative, the foremost insurance company, FBNInsurance Limited, recently donated various items to Homes and Hospice in Lagos and Port Harcourt.   The company visited children at the Heritage Homes Orphanage (Lagos) and Rhema Orphanage Home (Port Harcourt). Items such as food, beverages, toiletries, clothes as well as cash were donated to the children of the orphanage homes.   In the same vein, the company made a similar donation to the Down Syndrome Foundation Nigeria, Lagos. Most of the items donated to the Homes and Hospice were largely raised through the company’s annual Staff Gift Drive, an in-house initiative that encourages members of staff of the company to donate various items for a common cause. The FBNInsurance Staff Gift Drive which incepted in 2015, is in its 6th year.   While appreciating the goodwill of the insurer, the Assistant General Manager, Heritage Homes ...Read more

FBNInsurance partners Collinson to launch HealthCare Product

FBNInsurance, a leading Nigerian life insurer and a member of the SANLAM group,  partnered Collinson, a global leader in travel, international health insurance and assistance solutions to launch SmartHealth International, a market specific international health insurance product for critical medical conditions.    Addressing the health insurance gap in the Nigerian market between domestic and international health insurance products, FBNInsurance and Collinson have collaborated on the design of SmartHealth International, which will deliver a suite of new affordable health insurance products aimed at Nigerian employers desirous of protecting and giving peace of mind to its employees and their families.   NAICOM approved, SmartHealth International, is designed to complement local healthcare cover by providing cover for treatment abroad should an employee or family member develop a critical medical condition that cannot be adequately treated in ...Read more


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