FBN General Insurance Limited has revealed it recorded profit before tax rose by 196 per cent to N2.17bn in the financial year 2020 from N733.2m reported in 2019.

The Managing Director/Chief Executive Officer, FBN General Insurance Limited, Bode Opadokun disclosed this in a statement on Monday while presenting its 2020 annual report to shareholders at the company’s annual general meeting in Lagos.

Opadokun said, “Indeed, 2020 was a year that will be remembered for its unprecedented disruptions, which were primarily attributed to the COVID-19 pandemic and its multidimensional impacts on global economies.

“Yet, in the face of prevailing circumstances, the company delivered impressive results during the year. We have by this result therefore demonstrated our robust capacity and sustainable execution of our strategic growth plans. It is for this reason that we look to the future with confidence.”

An analysis of the company’s report indicates it closed the year with N8bn, representing a year-on-year growth rate of 9% from N7.32bn in 2019.

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