Cynthia Ezekwe
FIN Insurance, a leading insurance firm, continued its strong performance as its gross premium income (GPI) rose by 69.1 per cent in 2023 compared to the previous year.Â
In addition to the increase in gross premium income, the insurance company’s profitability also increased, with Profit Before Tax (PBT) rising from N649.6 million in 2022 to N7.1 billion in 2023. The company’s total assets also grew from N12.7 billion in 2022 to N21.1 billion in 2023, reflecting its growing financial strength.Â
The company’s shareholders’ fund, a measure of its equity, grew to N15.5 billion, an increase of 57.7 per cent over the previous year’s figure of N9.8 billion.In addition, the company’s solvency margin rose from N8.5 billion in 2022 to N12.5 billion in 2023, reflecting its strong financial position.
The company’s performance is also reflected in its ability to pay N1.2 billion in claims to policyholders in 2023, as well as its underwriting profit of N0.2 billion, which represents a significant improvement over the previous year.
Speaking at the first bi-monthly Nigerian Council of Registered Insurance Brokers (NCRIB) Members’ Evening event of 2024, Bashir Binji, the managing director of FIN Insurance, highlighted the company’s commitment to business growth and building stronger relationships with insurance brokers.Â
“At FIN Insurance, we recognise the integral role that brokers play in bridging the gap between insurers and clients. Your insights, relationships, and commitment to understanding the unique needs of your clients contribute significantly to the success of our industry,’’ Binji said.Â
The managing director highlighted the importance of collaboration as the insurance industry navigates a complex landscape. He noted that the success of the industry is interwoven with the success of each individual broker, while imploring brokers to work together to create innovations, respond to emerging risks, and embrace new opportunities.
Binji pledged to develop specialty products that will support brokers in their work, and to assign individual responsibility to each broker’s portfolio. He also committed to providing risk management support to brokers and their clients, and to improving the company’s technical and technological capabilities to increase the proportion of existing transactions. He added that the company will enhance information sharing and joint marketing in areas of interest, and boost social engagement.
