FBN Insurance celebrates 5 years of great milestones
One of Nigeria's fastest growing insurance companies, FBNInsurance, has lined up a series of activities in commemoration of its fifth anniversary. According to a schedule made available to the press, activities marking the anniversary kicked off on the 1st of December, 2015 with an official press briefing at the corporate Head Office of the company in Marina, Lagos.
According to the Managing Director of the company, Mr Valentine Ojumah, the fifth anniversary celebration is not just another anniversary but an opportunity for the company to reward its pioneer staff, engage with stakeholders and give back to the society, which, he acknowledged, had been the backbone of the business.
He further added: "Without our customers, dedicated staff and a solid ownership, we won't be here. In five years, we have made giant strides. It's time to blow our trumpet and let our people know how far we've come. We have not arrived; we still have a long way to go. We will use this opportunity to establish a concrete framework for the next couple of years." As part of the anniversary activities, the company recently donated a Dialysis machine to Gbagada General Hospital, which, until now, had just one functional machine. Visits are also planned to Old Peoples' and Motherless Babies Homes. Incorporated as a business in September 2010, FBNInsurance, hitherto known as FBN Life Assurance, recently acquired a 100% shares in Oasis Insurance, a general insurance company, in its quest to deliver life and general businesses.
The company now has over 30 retail outlets and prides itself on a rich heritage of performance and longevity due to her association with FBN Holdings and the Sanlam Group, South Africa. The following milestones attest to their pedigree, tenacity and growing reputation within the industry:
1. Commenced operations as FBN Life Assurance in 2010.
2. Became profitable after two years of operations in 2012 and has sustained this growth.
3. In 2013, FBN Insurance pioneered mobile insurance in Nigeria with Airtel (Padi4life) and Etisalat (Sure4life) – an affordable airtime-based insurance with medical cover.
4. In 2013, the company emerged the Winner of the SEM (Sanlam Emerging Markets) Cup of Nations award in the Rising Star category.
5. In 2014: a. The company moved from the 58th ranked insurer to the 11th position based on premium income. b. The company was awarded the Best Life insurance company in Nigeria from World Finance awards c. Acquired a 100% stake in Oasis Insurance Plc., a non-life insurer and overturned the company's loss position within one year.
6. In 2015: a. FBNInsurance is listed among the top four insurers based on return on equity, a key profitability indicator. b. Widely regarded as the fastest growing insurance company in Nigeria in the last 3 years.
At 5, FBNInsurance stands tall and sure and continues to ensure its relevance in the insurance sector by focusing on improving customer service and engagement, enhancing product offerings, improving technological platforms and human capital development.