FBS Re grosses 110% premium growth to N16.6bn in 2022

By Cynthia Ezekwe.

FBS Reinsurance Limited (FBS Re), a recently established reinsurer company, recorded a stellar  performance of N16.6 billion gross written premium in its second year of operation, a significant increase of 110 per cent from  N7.906 billion it recorded in 2021.

The reinsurer company disclosed this in its 2022 financials, noting that  underwriting profit also strengthened by 545 percent from N813 million in 2021 to N5.244 billion, which according to the company was driven by prudent risk management and operating costs.

Bala Zakariyau, chairman of the board of directors, while commenting on the financials at the company’s second annual general meeting (AGM), noted that  FBS Re’s financial performance just in its second year of operation is a testament to the resilience of its applied business model, adding that  the company gained positive results in the critical areas of market share growth and profitability, despite environmental challenges and economic uncertainties.

The chairman further stated that the company achieved an investment income of N1.050 billion in the 2022 financial year, as against N275 million in 2021, while profit after tax rose to N2.491 billion, a 544 percent increase from N387 million achieved in 2021.

“I am particularly pleased to report that the results were achieved mainly by delivering better services to our clients  and brokers. We shall continue to keep our promises of offering better services, and create sustainable value addition for all our stakeholders,’’ Zakariyau said.

The Chairman also hinted that FBS Re will be embarking on a guided expansion program into other markets and territories outside its traditional Anglophone Zones.

According to Zakariyau,this expansion will focus on Central, East and Southern African territories, while it continues to study the North African markets.

“Our risk appetite will determine the expansion initiative and ease of doing business in the selected territories. It will also be in line with the overall corporate objectives of sustainable profitability and delivery of better alternative services to African countries,’’ he added.