BY NKECHI NAECHE-ESEZOBOR—Reinsurance Limited, one of Nigeria’s indigenous reinsurance companies, has reported a strong financial performance for the 2025 financial year, with significant growth across key performance indicators.
The company disclosed at its fifth Annual General Meeting (AGM) held recently in Abuja that its Gross Written Premium (GWP) increased by 32 per cent, rising from ₦48.9 billion in 2024 to ₦64.5 billion in 2025.
Insurance revenue also recorded notable growth, climbing by approximately 12 per cent from ₦50.9 billion in 2024 to ₦57.2 billion in 2025.
A major highlight of the company’s performance was the turnaround in its insurance service result. FBS Reinsurance posted a profit of ₦20.3 billion in 2025, reversing the loss of ₦6.6 billion recorded in the previous year. Profit before tax equally improved, increasing from ₦10.1 billion in 2024 to ₦16.7 billion in 2025.
Speaking at the AGM, the Chairman of the Board, Bala Zakariyau, attributed the impressive performance to improved underwriting discipline, stronger portfolio management and enhanced operational efficiency.
“This performance reflects improved underwriting discipline, stronger portfolio management, and enhanced operational efficiency during the year,” Zakariyau said.
The reinsurer also strengthened its liquidity position during the period under review. Cash and cash equivalents, alongside financial assets, grew by 17 per cent from ₦58.8 billion in 2024 to ₦69 billion in 2025. According to the company, the growth reflects enhanced liquidity management, stronger investment performance and a continued focus on maintaining financial resilience amid prevailing market uncertainties.
Shareholders’ funds rose significantly by 38 per cent, increasing from ₦37 billion in 2024 to ₦51 billion in 2025. The company said the growth underscores its strong capital base, improved profitability and commitment to creating sustainable long-term value for shareholders.
In a further boost to its market standing, FBS Reinsurance announced that it has been affirmed by GCR Ratings with an International Scale Financial Strength Rating of B- with a Stable Outlook. On the National Scale, the company received a Financial Strength Rating of AA(NG), also with a Stable Outlook, reflecting confidence in its financial strength and operating performance.
