FBS Reinsurance records N16.6bn premium

FBS Reinsurance Limited (FBS Re) has recorded N16.6 billion gross written premium in its second year of operation.

In the FBS Re’s 2022 financial report released at its second annual general meeting (AGM) held in Abuja, recently, the company grew its gross written premium by 110 percent to N16.5 billion from N7.9 billion recorded in 2021.

Its underwriting profit also grew by 545 percent from N813 million in 2021 to N5.244 billion, which, according to the company, was driven by prudent risk management and operating costs.

Chairman of FSB Re, Alhaji Bala Zakariyau, who announced the performance at its AGM, said the company’s financial performance for just its second year of operation is a testament to the resilience of its applied business model.

According to him, despite environmental challenges, the firm gained positive results in the critical areas of market share growth and profitability.

Alhaji Zakariyau also pointed out that the company achieved an investment income of N1.050 billion in the 2022 financial year, as against N275 million in 2021, while profit after tax rose to N2.491 billion, showing a 544 percent increase from N387 million achieved in 2021.

“I am particularly pleased to report that the results were achieved mainly by delivering better services to our clients and brokers. We shall continue to keep our promises as has been anointed in our name – ‘For Better Services’ and create sustainable value addition for all our stakeholders,” he added.

Territorial distribution of premiums of the company shows that the Nigerian market contributed 69 percent of the total, followed by the Ghana market with 17 percent, while Francophone and the rest of Africa contributed five percent and seven percent, respectively.

The chairman also hinted that FBS Re will be embarking on a guided expansion programme into other markets and territories outside its traditional Anglophone zones, stressing that “this expansion will focus on Central, East and Southern African territories as we continue to study the North African markets. Our risk appetite will determine the expansion initiative and ease of doing business in the selected territories. It will also be in line with the overall corporate objectives of sustainable profitability and delivery of better alternative services to Africans.”

Alhaji Zakariyau also stated that reinsurance is a capital-intensive business, noting that the Board has prioritised raising adequate capital funding to support the planned rapid market share growth.

FBS Re authorised and issued shares have been increased from N10 billion to N20 billion and the Board has already commenced work with strategic investing partners to raise the needed additional capital.

 

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