An indigenous reinsurance firm, FBS Reinsurance Limited, has recorded an 85 per cent appreciation in its insurance revenue for the 2024 financial year to N50.9bn from N27.5bn in the previous year.
This was disclosed at its recently held Annual General Meeting in Abuja.
In the year under review, the company also recorded a Gross Written Premium of N48.9bn, a 56 per cent increase from N31.4bn in 2023.
Chairman of the Board of Directors, FBS Re, Bala Zakariyau, announced the company’s 2024 results on the floor of the AGM.
Zakariyau told shareholders, “Your company has once again recorded improvements in financial performance, particularly in light of strong macroeconomic headwinds in 2024.”
He added that investment income rose sharply by 148 per cent, from N1.9bn in 2023 to N4.7bn in 2024, reflecting the quality of the chosen business model and the strength of its asset base.
Cash and cash equivalents, along with financial assets, experienced significant growth of 81.4 per cent, increasing from N33.5bn in 2023 to N60.8bn in 2024. This reflects enhanced liquidity and stronger investment performance. The Company’s Technical Reserves increased by 132 per cent from N15bn to N35bn, driven mainly by increased underwriting volumes and a prudent reserving strategy in response to adverse claims experience in some of our markets.
Shareholders at the meeting approved a dividend payout of N600m, or 3 kobo per share.
Speaking on the company’s achievements, the Board Chairman said, “In just four short years, through prudent resource management, strategic investments, and the unwavering dedication of our team, the company has established an enviable position in the Nigerian insurance industry.”
Looking ahead, the FBS Re chair revealed that the company will continue to initiate efforts to expand its regional and continental footprint and prioritise operational efficiency and customer centricity to capitalise on the expected rapid growth trajectory being projected in the immediate markets.
Despite broader uncertainties, the chairman affirmed that FBS Re maintains a positive and stable outlook for its business landscape in the near term.
