FBN Insurance Pays N4.4Bn In Claims In Q1 2020

FBN Insurance has displayed resilience in its business strategy despite the negative impact of the coronavirus pandemic on the Nigerian economy.

The company recently paid the sum of N4.4 billion in claims to its customers in the first half of the year 2020.

This represents a 26.7 per cent increase year-on-year when compared to N3.4 billion paid during the same period in 2019.

While briefing news men at the company’s Lagos head office, Mr. Val Ojumah, Managing Director/Chief Executive Officer of FBN Insurance, disclosed that prompt settlement of customers claims is one of the underpinning business successes of the insurer as it strives to continually boost customers’ confidence and trust during the 10 years of the company’s existence.

According to Ojumah, “As a responsive and reliable insurer, we have during this turbulent time- kept our promise to our customers by paying claims promptly. Our focus remains to provide financial security and relief to our esteemed customers especially at this trying time.”

On a related note, the company has unswervingly delivered on its promise to its shareholders by paying dividends promptly. At the recently held virtual AGM, the company announced a full year dividend of 97k per share for 2019 which represents a 49 per cent increase over the 65k per share that was paid in 2018. The company has consistently paid dividend to its shareholders since 2013.

As at year end, the total assets base of the company grew from N70.5billion in 2018 to N109bilion in 2019. This represents a 55 per cent growth year-on-year of which over 90 per cent are in liquid assets.

In a bid to continue to deliver seamless service to its customers, the company has invested and upgraded its digital platforms.

FBN Insurance Limited, was incorporated in 2010 to transact life insurance business in Nigeria and currently operates in over 60 sales outlets and two branches in addition to its head office located in Lagos