FBS Reinsurance records N7.9bn first annual premium

FBS Reinsurance Limited recorded N7.9bn gross written premium in its first year of operation. The chairman, board of directors, Bala Zakariyau, disclosed this during its first annual general meeting in Lagos. He said, “Your company just completed its first year of operation and generated gross written premium of N7.9bn ($19m) and earned profit before tax […]

FBS Reinsurance Limited recorded N7.9bn gross written premium in its first year of operation.

The chairman, board of directors, Bala Zakariyau, disclosed this during its first annual general meeting in Lagos.

He said, “Your company just completed its first year of operation and generated gross written premium of N7.9bn ($19m) and earned profit before tax of N505.47m ($1.2m). I wish to congratulate the board, management, staff, cedants, retrocessionaires, our brokers and all the stakeholders of FBS Re for this good first year performance despite the harsh economic realities caused by the pandemic.”

Zakariyau said global reinsurance industry gross income was estimated at $450bn in 2021 with percentage growth expectations of six per cent CAGR over the next four years to reach $600bn by 2025.

The Nigerian insurance industry, he said, continued to present enormous potential for investors, especially in the reinsurance subsector.

He noted that the industry was operating in the biggest economy in Africa with obvious demographic advantage, middle-class expansion and insurance penetration now of only 0.3 per cent.

The chief executive officer, FBS Re, Mr Fola Daniel, said the company in its first year of operation closed with total assets in excess of N15.8bn, from just about N10bn at commencement.

He recalled that FBS Re was licensed on November 25, 2020 by the National Insurance Commission and commenced operations on January 1, 2021.

He said the company was in the process of achieving 100 per cent of its target capital in line with on-going NAICOM’s new capital requirement.