FBN Insurance to contribute N24.3bn to group’s revenue

By Chioma Obinagwam
The Chairman of FBN holdings, Oba Otudeko has said that the group is expected to realise N24.3 billion over the next three years from its insurance sector.
Speaking at its 5th Annual General Meeting (AGM) held in Lagos recently, he said: “In continuation of our strategy to maximize the opportunities for revenue extraction and cost reduction inherent in the Group, we except to realise N24.3 billion over the next three years, with a likely upside from newer permissible products in annuities and insurance.”
FBN Insurance had contributed 2.1 per cent to the group’s Gross Earnings in the financial year ended December 31, 2016 where Gross Earnings closed at N581.8 billion from the N502.8 billion it recorded in the corresponding period of 2015.
In a related development, the Group Managing Director (GMD), Urum Eke disclosed that the group hopes to leverage information technology to drive transaction and related income in the retail space.
He added that the group will also grow the number of customers on its digital platforms.
In the area of risk management, the GMD stated that the company has a special risk management project group mandated with implementing proposed recommendations will also provide periodic feedback to management to track progress and ensure the expedient implementation of tactical aimed at driving recovery of non-performing loans.