FBS Reinsurance Limited, an indigenous player in Nigeria’s insurance sector, has reported a strong financial performance for the 2024 financial year, with insurance revenue rising by 85 per cent to N50.9bn from N27.5bn in 2023. The announcement was made during the company’s Annual General Meeting (AGM) held in Abuja.
The company also recorded a 56 per cent growth in Gross Written Premium, which climbed from N31.4bn in 2023 to N48.9bn in 2024. This performance, according to the Chairman of the Board of Directors, Bala Zakariyau, was achieved despite the challenging macroeconomic environment during the year.
Speaking to shareholders, Zakariyau said, “Your company has once again recorded improvements in financial performance, particularly in light of strong macroeconomic headwinds in 2024.” He noted that the results reflected the effectiveness of the firm’s business strategy and operational resilience.
Investment income also experienced remarkable growth, jumping 148 per cent from N1.9bn in 2023 to N4.7bn in 2024. Zakariyau attributed this to the quality of the company’s chosen business model and the strength of its asset base.
The company’s liquidity and financial position also improved significantly. Cash and cash equivalents, along with financial assets, grew by 81.4 per cent from N33.5bn in 2023 to N60.8bn in 2024. Technical Reserves rose by 132 per cent from N15bn to N35bn, driven by higher underwriting volumes and a prudent reserving strategy to mitigate adverse claims in some of its operating markets.
Shareholders at the AGM approved a dividend payout of N600m, translating to 3 kobo per share, in appreciation of the company’s performance. This payout, according to the board, demonstrates the management’s commitment to delivering value to investors while sustaining growth momentum.
Zakariyau reflected on the company’s progress since its establishment, saying, “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.”
Looking ahead, the chairman stated that FBS Re will focus on expanding its regional and continental footprint. The firm plans to prioritise operational efficiency and enhance customer experience to tap into projected rapid growth opportunities in its core markets.
Despite broader economic uncertainties, Zakariyau expressed confidence in the company’s ability to maintain a positive and stable outlook in the near term. He emphasised that the growth trajectory so far has placed FBS Re in a strong position to compete effectively both within Nigeria and across Africa.
The company’s performance in 2024 is seen by analysts as a sign of increasing competitiveness in Nigeria’s reinsurance market, where firms are adapting to rising claims, fluctuating foreign exchange rates, and evolving regulatory requirements. Industry observers believe FBS Re’s focus on prudent risk management, capital strength, and market expansion could position it as a major regional player in the coming years.
