FBN Holdings notifies NSE on plans to divest from FBN Insurance

FBN Holdings Plc has formally notified the Nigerian Stock Exchange (NSE) of on-going discussions with its partner Sanlam Emerging Markets, the owners of 35 per cent equity in FBN Insurance Limited (FBNI) regarding the proposed sale of the Company’s 65 per cent equity in FBN Insurance Limited.

According to the formal notice sent to the NSE on Wednesday and signed by the Company Secretary, Seye Kosoko, FBNH stated that the move was in line with the Group’s strategic objectives, adding that they were currently engaging the regulators for the necessary approvals.

FBN Holdings, however assured the Exchange that further announcement will be made if the transaction is concluded. The proposed divestment is said to be a strategic business decision for FBNH. When completed, the transaction will involve the transfer of FBN Holdings’ 65 per cent stake in FBN Insurance Limited to Sanlam.

The proposed divestment will unlock significant value to leverage the Group’s strength in its core business for which it is renowned. For FYE December 31, 2019, the Company posted a Profit Before Tax (PBT) of N84 billion representing a growth of 31 per cent over 2018 PBT of N64 billion. Profit After Taxation (PAT) at N74 billion was a growth of 27 per cent over N58 billion reported for 2018.

The company’s Board of Directors has also recommended the payment of the sum of N13.64 billion, representing 38kobo per share, as dividend to its Shareholders representing a growth of 46 per cent over prior year dividend. FBN Insurance was founded as a Life Insurer in 2010 with a vision to be Nigeria’s first choice in risk underwriting, wealth preservation and financial security.

Today, the company has grown to become one of the best insurance companies in Nigeria with a subsidiary that undertakes general insurance business offering a broad range of investment and risk underwriting products.

FBNI is known and well respected for its quality of service, integrity, innovation and professionalism. It was awarded the ‘Best Life Insurance Company in Nigeria’ for the past four years consecutively

Sanlam Group has been associated with and is the other Shareholder of FBN Insurance Plc since it was established in 2010. Sanlam with over 100years experience and expertise in Insurance, Asset Management, Wealth Management and Investments is one of the leading Insurance companies in Africa.

NIGERIAN TRIBUNE

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Buy and read digital replicas of your TRIBUNE titles by subscribing through E-VENDING

Buhari Pays Tribute To Kyari
Following the demise of his Chief of Staff, Abba Kyari, President Muhammadu Buhari on Saturday paid glowing tribute to the late Kyari describing him as a true Nigerian patriot. The President’s statement read: TO MY FRIEND, MALLAM ABBA KYARI… Read full story

We May Not Have An Economy After COVID-19 —Adebayo, Professor Of Economics
Professor Abayomi Adebayo is a lecturer at the Obafemi Awolowo University, Ile Ife, with specialty in Development, Health and Labour Economics. He speaks to DARE ADEKANMBI on the economic implications of prolonged lockdown as a result of COVID-19, the 2020 budget and other matters… Read full story

A Son Like Bello El-Rufai
If you want to know how the mind of Kaduna’s first son, Bello el-Rufai works, check his Twitter page, @B_EL-RUFAI. He has two images there. His posts go out with a handsome image of his father’s godfather, Muhammadu Buhari, arching his neck like a model at a lavish photo-shoot. It must be a rare exulting moment for the… Read full story