N11.4bn Q3 2021 Paid Out Claims: Is FBN Still Nigeria’s Most Profitable Insurer?

FBN Insurance Limited has said it has paid out N11.4 billion claims to its policyholders as at the end of the third quarter, Q3 2021, a fact that may underline its financial buoyancy and assertion as Nigeria’s most profitable insurer.

GreenWhiteGreen GWG had reported FBN Insurance as the country’s most profitable insurer in 2019.

According to data made available to Daily Sun, the sum of N11.4 billion was paid out between January and September 2021, which represents a 39 per cent increase when compared to N8.2 billion paid in the same period in 2020.  

A further breakdown of the date showed that Individual life insurance had the highest figure totalling N5.3 billion, while annuity accounted for N3.5 billion.   

Other figures released were N1.9 billion for group life insurance, and N687 million for credit life insurance.  

Commenting on this, the Managing Director/Chief Executive Officer, FBN Insurance Limited, Val Ojumah, stated that in a bid to protect the interest of both corporate and individual clients, the company has built a solid foundation where clients can insure their trust by promptly paying their claims when the need arises.

“Ours is a business of trust and our strategy remains to provide financial security to our clients. We are keen to attain uncontested leadership status in the life insurance sub-sector as well as aggressively exceed our customers and shareholders’ expectations by paying their claims as and when due,” Ojumah expressed.  

It will be recalled that FBN Insurance paid a total sum of N14.4 billion claims in the year 2020 despite the unfavourable economic situation occasioned by the COVID-19 pandemic, N3 billion more than what it paid in Q3 2021.

FBN Insurance Limited is a life insurance business in Nigeria that currently operates out of over 60 sales outlets and two branches. It is a member of the Sanlam Group of South Africa.
Source: Sun

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