FIN Insurance Pays Out N900m In Claims

FIN Insurance Company Limited, a prominent business underwriter, has disbursed a substantial sum of N900 million in claims by the conclusion of September 2023. Bashir Binji, the Managing Director of FIN Insurance, made this announcement during a Corporate Social Responsibility event in Lagos, where he addressed the members of the NCRIB Lagos Area Committee.

Binji highlighted the company’s sustained growth across various metrics, citing total assets reaching N19 billion by September 2023 and shareholders’ funds standing at N14.9 billion during the same period. Emphasizing the effectiveness of their strategy and the potential within local markets, Binji expressed confidence in their growth trajectory.

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The company reported a gross premium written of N4.64 billion in September 2023, a significant increase from the N3.44 billion recorded for the entire year of 2022. As for profits, FIN Insurance witnessed a notable rise in profit before tax, reaching N5 billion by the end of September, compared to N649.6 million for the full year of 2022.

Binji outlined the strategic priorities aligned with their vision of becoming the leading insurance-based financial service company, including maximizing brand equity, achieving professional excellence, expanding retail business, enhancing profitability, and fortifying governance and stakeholder relationships.

In terms of partnerships, Binji emphasized the company’s focus on participating in insurance placements, increasing the proportion of existing transactions, sharing information, engaging in joint marketing ventures in specific areas, and fostering social engagements. This strategic approach reflects FIN Insurance’s commitment to transforming the industry and solidifying its position in the market