FBS Reinsurance Limited, often known as FBS Re, a recently created reinsurer in Nigeria, saw a 110 percent increase in gross written premium to N16.6 billion in 2022 from N7.9 billion in 2021.
Additionally, the Company’s underwriting profit increased by 545 percent, from N813 million in 2021 to N5.244 billion, with conservative risk management and operational expenses, according to the Company.
The Chairman of the Board of Directors, Alhaji Bala Zakariyau, who made the announcement during the company’s Annual General Meeting, in Abuja, stated that FBS Re’s financial success in only its second year of existence is proof of the adaptability of its adopted business strategy.
He claimed that despite environmental difficulties, the business had success in the crucial areas of market share expansion and profitability.
In addition, Zakariyau stated that the company earned N1.050 billion in investment income in 2022 as opposed to N275 million in 2021.
The Chairman further stated that profit after tax increased to N2.491 billion, a 544 percent rise from N387 million realized in 2021.
“I am especially happy to report that the results were achieved primarily by providing better services to our cedants and brokers,” Zakariyau remarked.
“As promised, we will uphold our commitments to all of our stakeholders and continue to offer sustainable value as promised in our moniker – “For Better Services”, he said.
“According to the company’s territorial allocation of premiums, the Francophone and the rest of the African markets each contributed 5% and 7% of the total, while the Nigerian market provided 69% of the total. Ghana’s market came in second with 17%.”
The Chairman also made a suggestion that FBS Re would start a guided expansion program outside of its core Anglophone Zones.
