FBNInsurance pays 19k dividend to shareholders

By ABDUL OLALEKAN

FBNInsurance Limited has declared 19 kobo dividend per share to its shareholders as a reward for their loyalty in its 2015 financial year end.

The firm, which announced this at its 5th Annual General Meeting, AGM, in Lagos, noted that the dividend payout was an improvement to 15k per share that was declared at its 2014 AGM, noting that this represents a 27 per cent increase.

According to the insurance firm, the Group recorded modest operating results in 2015. The company’s year on year gross premium income grew by 44 per cent to N12.1billion at the end of the year under review while the profit before tax increased by 62 per cent from N1.3billion to N2.1billion.

Moreover, its total assets closed at N22.4billion, an increase of 34 per cent from December 2014 value of N16.7billion. This improvement in performance, the assurance firm stressed, was driven by strong top line and bottom line growth in the life assurance business benefiting from improvements in retail space penetration.

Commenting on the strong financial returns, Managing Director/CEO, FBNInsurance Limited, Val Ojumah, attributed the growth to the company’s commitment to her strategy to continually deepen its footprint in the retail space as well as strengthening her corporate business capabilities.

“The increased group profit before tax was made possible through efficient delivery channels, improved customer service and prompt claims settlement. This achievement further lends credence to our sound corporate governance, robust underwriting practices and risk management framework. We have also been blessed with an exceptionally committed staff,” Ojumah said.

In her remarks, the Chairman, FBNInsurance Limited, Mrs Adenrele Kehinde, while acknowledging the giant strides of the company, reiterated the need to sustain the growth trajectory.

“We are keen to attain uncontested leadership status in the life insurance sub-sector while we aggressively ramp up the growth of our general insurance business. Our role in this industry is not to follow competition, but to exceed our own expectations. To break our own records; to ensure that our positive impact on our customers and shareholders is greater this year than the last,” she stated.