BY NKECHI NAECHE- ESEZOBOR— Lead underwriter, FIN Insurance Company Limited, has reaffirmed its commitment to stronger partnership with the brokerage fraternity in growing its market size and deepening penetration.
According to the company, its strategic priorities includes to grow it’s profitability; maximize brand equity; strengthen governance and stakeholders relationship; achieve operational excellence and expand retail business .
The Managing Director of the company, Bashir Binji, disclosed this at the February Edition of NCRIB Members’ Evening, hosted by the company yesterday in Lagos.
On partnership with brokers he said they plan to develop special products for brokers, while adding that the company will assign individual responsibility and develop relationship and marketing plans for brokers.
He added that risk management support to brokers and their clients will be handled by the company.
Speaking on the role of brokers in Insurance business he said “I have the privilege of witnessing firsthand the dedication and expertise that characterizes the work of insurance brokers. In an era of unprecedented change, your ability to navigate complexity, mitigate risk, and provide tailored solutions is more valuable than ever.
“The insurance landscape is continually evolving, influenced by technological advancements, regulatory changes, and shifts in consumer expectations. It’s a testament to your resilience and adaptability that the brokerage community continues to thrive in this ever-changing environment.
“At FIN Insurance, we recognize the integral role you play in bridging the gap between insurers and clients. Your insights, relationships, and commitment to understanding the unique needs of your clients contribute significantly to the success of our industry.
“As we navigate this complex landscape, collaboration becomes paramount. Our success as an industry is interwoven with the success of each individual broker. It’s about working together to innovate, to respond to emerging risks, and to embrace new opportunities.
He said the trust that clients place in insurance brokers is sacred. “It’s built on your expertise, your commitment to integrity, and your unwavering dedication to putting your clients’ interests first. This trust is the bedrock of our industry, and we must all strive to maintain and strengthen it.
“As we move forward in this rapidly changing landscape, let us remain united in our commitment to excellence. Together, we can navigate challenges, seize opportunities, and continue to provide the invaluable service that defines the insurance brokerage profession.”
On financial performance, he said Profit Before tax grew to N7.1 billion as at end of full year 2023 from N649, 568 million achieved in same period of 2022.
With seven offices and branch nationwide, the company was able to grow it’s gross premium from N3.438 billion full year 2022 to N5.814billion at the close of business in full year 2023, representing a growth of 69.1 percent.
The company achieved an underwriting profit of N0.2 billion in 2023 while total assets stood at N21.14 billion when compared to N12.773 billion achieved in the previous year of 2022.
Shareholder’s fund appreciated to N15,532 billion in the year under review as against N9,881 billion in 2022 while solvency margin was N12532 billion when compared to N8,511 billion reported in 2022.
Committed to prompt claims settlement the insurer paid a total of N1.2 billion as claims to policyholders in the year under review.
