FBN Life Assurance Plc published its December 2011 Audited Accounts on the pages of the Newspapers reporting a net loss of N278,895,000. This follows a loss of N223,141,000 in 2010. The company now has negative reserves of about N514m and will need to make profits of over N500m if it is to avoid remaining in the red. It is also important to note that the company’s Life Revenue Account, which determines the viability of its insurance business was profitable making a a profit of N678,608,000 as against a loss of N159,314,000 in 2010. ?Gross Premium also rose astronomically from N20.4m in 2010 to N1.27b in 2011.
