FBS Reinsurance Limited says it has recorded N16.6bn gross written premium in its second year of operation.

A statement said in its 2022 financial report released at its second annual general meeting in Abuja, FBS Re grew its gross written premium by 110 per cent to N16.59bn from N7.9bn recorded in 2021.

Its underwriting profit also grew by 545 per cent from N813m in 2021 to N5.24bn, which according to the company, was driven by prudent risk management and operating costs.

The Chairman, Board of Directors, Alhaji Bala Zakariyau, who announced the performance at its AGM said FBS Re’s financial performance just in its second year of operation, was a testament to the resilience of its applied business model.

He said despite environmental challenges, the company gained positive results in the critical areas of market share growth and profitability.

Zakariyau also disclosed that the company achieved an investment income of N1.05bn in 2022 financial year, from N275m in 2021.

Profit after tax rose to N2.49bn, a 544 per cent increase from N387m achieved in 2021.

Zakariyau said, “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.”

Territorial distribution of premium of the company showed that Nigerian market contributed 69 per cent of the total, followed by Ghana market with 17 per cent, while Francophone and rest of Africa contributed five per cent and seven per cent respectively.

The chairman also hinted that FBS Re would be embarking on a guided expansion programme into other markets and territories outside its traditional Anglophone zones.

He said, “This expansion will focus on Central, East and Southern African territories as we continue to study the North African markets.”

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