FBS Reinsurance Achieves Remarkable 110% Premium Growth, Reaching N16.6bn in 2022

FBS Reinsurance Achieves Remarkable 110% Premium Growth, Reaching N16.6bn in 2022

FBS Reinsurance Limited, a newly established reinsurer in Nigeria, has achieved an impressive 110% surge in its gross written premium, reaching N16.6 billion in 2022 compared to N7.9 billion in 2021.

The company’s underwriting profit witnessed an exceptional 545% increase, soaring from N813 million in 2021 to N5.244 billion in 2022.

This growth, according to FBS Re, can be attributed to meticulous risk management and efficient management of operational costs.

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During the Annual General Meeting held in Abuja, Alhaji Bala Zakariyau, Chairman of the Board of Directors, lauded the company’s remarkable financial performance in its second year of operation.

Despite facing environmental challenges, FBS Re achieved positive outcomes in pivotal areas such as market share expansion and profitability.

Zakariyau also revealed that FBS Re achieved an investment income of N1.050 billion in the 2022 financial year, marking a substantial increase from N275 million in 2021.

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Additionally, the company’s profit after tax experienced a remarkable 544% surge, reaching N2.491 billion, as opposed to the N387 million recorded in 2021.

Zakariyau emphasized, “I am particularly pleased to report that the results were achieved mainly by delivering better services to our cedants and 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.

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The distribution of premiums across various territories reflects the Nigerian market’s significant contribution of 69% to the total premium, followed by Ghana with 17%, while Francophone and other parts of Africa made up 5% and 7%, respectively.

Furthermore, the Chairman hinted at FBS Re’s planned expansion into markets and territories beyond its traditional Anglophone Zones, indicating a guided growth strategy for the future.