FBS Re a rising Nigerian reinsurer grew yearly insurance revenue by 85% in 2024
FBS Reinsurance Limited FBS Re
A Nigerian indigenous reinsurance firm, FBS Reinsurance Limited (FBS Re), has again recorded improved financial performance across major indices in the 2024 financial year approved at a recent Annual General Meeting.
A statement from the reinsurance firm said in the year under review, the company recorded growth in insurance revenue to N50.9 billion, up from N27.5 billion in 2023.
Bala Zakariyau, Chairman of the Board of Directors, FBS Re, announced the results at the company’s fourth Annual General Meeting held in Abuja. He said the company recorded a Gross Written Premium of N48.9 billion, a 56 percent increase from N31.4 billion in 2023.
Zakariyau stated, “Your company has once again recorded improvements in financial performance, particularly in the light of strong macroeconomic headwinds of 2024.”
He added that investment income rose sharply by 148 percent, from N1.9 billion in 2023 to N4.7 billion in 2024, reflecting the quality of the chosen business model and the strength of its asset base.
Meanwhile, with profit for the year closing at N10.07 billion, shareholders at the meeting approved a dividend payout of N600,000,000.
Speaking on the company’s achievements, the Board Chairman said, “In just four short years, through prudent resource management, strategic investments, and the unwavering dedication of our team, the company has established an enviable position in the Nigerian insurance industry.”
A further look into the results shows that cash and cash equivalents, along with Financial Assets, experienced significant growth of 81.4 percent, increasing from N33.5 billion in 2023 to N60.8 billion in 2024. This reflects enhanced liquidity and stronger investment performance.
The company’s Technical Reserves increased by 132 percent, from N15 billion to N35 billion, driven mainly by increased underwriting volumes and a prudent reserving strategy in response to adverse claims experience in some sections of the markets.
Shareholders’ Funds grew by 31 percent, from N28.5 billion in 2023 to N37.5 billion in 2024, underscoring a strengthened capital position and improved profitability.”
Looking ahead, FBS Re will continue to initiate efforts to expand its regional and continental footprint, also prioritise operational efficiency and customer centricity to capitalise on the expected rapid growth trajectory being projected in the immediate markets.
Despite broader uncertainties, the chairman affirmed that FBS Re maintains a positive and stable outlook for its business landscape in the near term.
