FBN Insurance Is Nigeria’s Most Profitable Insurer, Set For Recapitalisation Deadline – MD

First Bank of Nigeria, FBN, Insurance on Monday said it was prepared for the June 2020 deadline given by the National Insurance Commission, NIACOM, for all insurance companies to recapitalise.

 Managing Director/Chief Executive Officer, CEO, FBN Insurance, Valentine Ojumah  explained that FBN Insurance has enough money in its reserves to meet with the deadline.

He said, “As at the end of December 2018, we already had more money in our reserve to recapitalise FBN Insurance.

“As at that time, we already had over N5 billion capitalised, so all we need is just about N3 billion, which is not a problem at all.

“We are just waiting for the deadline, the money is on ground and even the regulators and the entire insurance market is aware that we have the money,”he said.

According to him, FBN Insurance is playing a very important role in the return of investment of all shareholders of First Bank Holdings as a financial service group.

He said the insurance company was moving in the right direction with an annual incremental addition to the FBN group Permanent Virtual Circuit, PVC,

“We are actually the most profitable insurance company in Nigeria and that is not going to change in the near future.”

The Managing Director hinted that the group had also improved its system and upgraded to the 21st century insurance technology demand, to meet up with the needs of its customers.

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