FBS Reinsurance Limited (FBS Re), Nigeria’s recently established reinsurer, said its gross written premium increased by 110 per cent to N16.6 billion in 2022 from N7.9 billion recorded in 2021.
It also said that underwriting profit grew by 545 per cent from N813 million in 2021 to N5.244 billion, which was driven by prudent risk management and operating costs
The Chairman of Board of Directors, Bala Zakariyau, revealed the performance at the firm’s yearly general meeting, saying FBS Re’s financial performance is a testament to the resilience of its applied business model.
He said despite environmental challenges, the company has gained positive results in the critical areas of market share growth and profitability.
Zakariyau also revealed that the organisation achieved an investment income of N1.05 billion in the 2022 financial year, as against N275 million in 2021.
Profit after tax rose to N2.491 billion, a 544 per cent increase from N387 million achieved in 2021, the Chairman said.
Zakariyau said: “I am particularly pleased to report that the results were achieved mainly by delivering better services to 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.
“The territorial distribution of premiums of the company shows that the Nigerian market contributed 69 per cent of the total, followed by the Ghana market with 17 per cent, while Francophone and the rest of Africa contributed 5 per cent and 7 per cent respectively.”
The Chairman also hinted that FBS Re would be embarking on a guided expansion programme into other markets and territories outside its traditional Anglophone base.
“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 African cedants,” he said.
