First Bank Nigeria (FBN) Insurance Limited has recorded double digit growth in profit, driven significantly by strong premium income amid a challenging business environment.
The 2015 audited financial statement of the company showed net income increased by 71.30 percent to N1.85 billion as against N1.08 billion as at December 2014.
FBN Insurance’s net premium income grew by 36.50 percent to N10.47 billion in December 2015 from N7.67 billion as at December 2014.
Gross premium income also followed the same upward trajectory as it jumped by 39.85 percent to N11.58 billion while gross premium written increased by 44 percent to N12.11 billion in the period under review.
The Nigerian insurer was aggressive about settling claims to policy holders as total claims spiked by184.43 percent to N3.81 billion in 2015 from N1.34 billion in 2014. Claims ratios moved to 36.38 percent in December 2015 as against 17.34 percent the previous year.