FIN Insurance Company Limited has grown its profit to N7.1 billion in the 2023 financial year, from N649,568 million recorded in 2022 while total assets rose to N21.14 billion from N12.7 billion achieved in 2022.
Also, FIN Insurance achieved a 69.1 percent increase in gross premium income from N3.438 billion in 2022 to N5.814 billion in the year 2023.
Similarly, shareholders fund appreciated to N15.532 billion from N9.8 billion in 2022, while solvency margin was N12.5 billion, compared to N8.5 billion recorded in 2022.
In 2023, the firm paid a total of N1.2 billion claims to policyholders and reported an underwriting profit of N0.2 billion in the same period.
FIN Insurance attributed the growth recorded to stronger business relationships with its customers most especially the broker’s fraternity.
The Managing Director Bashir Binji, restated the company’s commitment to business growth and building stronger partnerships with the insurance brokers.
Speaking at the first bi-monthly Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening of 2024 hosted by the company in Lagos, the Managing Director said, “At FIN Insurance, we recognise the integral role that brokers play in bridging the gap between insurers and clients. Your insights, relationships, and commitment to understanding the unique needs of your clients contribute significantly to the success of our industry.
“As we navigate this complex landscape, collaboration becomes paramount. Our success as an industry is interwoven with the success of each broker. It is about working together to innovate, to respond to emerging risks, and to embrace new opportunities”.
He renewed the company’s commitment to develop specialty products to support the brokers, assign individual responsibility to their portfolio, and provide risk management support to brokers and their clients.
He stated, “There is going to be further improvement within our technical and technology teams to continuously improve our capacity to serve our partners. This will help increase the proportion of existing transactions, enhance information sharing and joint marketing in areas of interest as well as boost social engagements”.
Babatunde Oguntade, president of NCRIB advised the Federal Government and other agencies to rise to the challenge of tackling food scarcity pervading the country.
He said, “One of the factors responsible for food scarcity, aside from the continuous rise in foreign exchanges, influence of hoarders and unscrupulous elements within the system, is the issue of insecurity, particularly the indiscriminate killings of our farmers.
“This made it impossible for them to produce enough farm products to care for the nation. It is on this premise that our Council join other well-meaning Nigerians to appeal to the federal government and the Nigerian Service Chiefs to, as a matter of urgency, investigate the issue of insecurity and doggedly pursue its avowed commitment towards re-establishment of forest rangers and of course, state policing”.
The NCRIB Member’s Evening is a monthly gathering that joins registered insurance brokers and other stakeholders through engaging events, symposiums, and discussions on issues affecting the insurance industry.
FIN Insurance Company Limited (formerly, Yankari Insurance Company Limited) was incorporated on 24th April 1981 as a limited liability company wholly owned by the Bauchi State Government and was registered as a licensed insurer in 1982 and commenced business on January 1, 1983.
Afterwards, the company was acquired by FIN Bank Plc and had its name changed to FIN Insurance Co. Ltd in 2008.
In 2012, FIN Bank was taken over by First City Monument Bank (FCMB) while FIN Insurance subsequently became a member of the FCMB Group.
In 2014, Cornerstone Insurance Plc acquired FIN Insurance (via CAPE III Limited) with the National Insurance Commission (NAICOM) authorising the change in 2015, hence making the business a member of Cornerstone Group.
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