All Posts in "Day: May 21, 2022"

FBS Reinsurance hits a total assets of N15.80bn in one year

By Favour Nnabugwu

 

FBS Reinsurance Limited (FBS Re), records a total assets of N15.80 billion at the end of 2021.
The company commenced operations in 2021, FBS Re in its one year of business recorded a gross written premium of N7.906 billion, underscoring strong growth opportunity in the Nigerian market, expertise and experience brought in by company managers.
Its profit before tax in the one-year period stood at N505.48 million, while  the company has plans to raise an additional N20 billion to enhance its operations.
Chairman of the Company, Alhaji Bala Zakariya’u announced the performance and plans at its first Annual General Meeting held in Lagos.
Zakariyau said the Nigerian insurance industry continues to present enormous potential for investors, especially in the reinsurance sub-sector.
He said the industry is operating in the biggest economy in Africa with obvious demographic advantage, middle-class expansion and insurance penetration now only 0.3 percent, stating that gross written premium growth of 10 to 15 percent per annum if therefore feasible
The Managing Director of the FBS Re, Mr Fola Daiel said the company has investors that want to bring in money, stating that the planned N20 billion new capital injection would happen soonest.
“We have investors standing by that want to bring in money, so we are confident that it would be completed soon,” Daniel said.
“On the company’s performance, he said we are just starting and the future is bright.”
“The insurance market is growing, and FBS Re is positioned to further this growth using disruptive technology and its debt of experience,” Daniel said
Daniel said the company is poised through its service offerings to lead growth in the local content development of reinsurance business through treaty and facultative arrangements that will expand the frontiers of the insurance spend retention in Nigeria and lead to a reduction in insurance premium exports in the near future.
“The cumulative experience of the company’s promoters and its executive management spanned over 100 years, and this expertise and network is expected to leverage the company to a Pan-African reinsurance platform in the next 3-5 years.
FBS Re was granted a license by the National Insurance Commission (NAICOM) on the 27th November 2020 and commenced business on the 1st of January 2021 as a wholly Nigerian reinsurance company.
Patoma Admin by — May 21, 2022 in Insurance 0
World Bank avails $30 bn for implementation of food insecurity 

By Favour Nnabugwu

 

 

.The World Bank has availed $30 billion  for food security crisis in existing and new projects in agriculture, nutrition, social protection, water and irrigation.

This financing will include efforts to encourage food and fertilizer production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.

“Food price increases are having devastating effects on the poorest and most vulnerable,” said World Bank Group President David Malpass. “To inform and stabilize markets, it is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine. Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage.”

The World Bank is working with countries on the preparation of $12 billion of new projects for the next 15 months to respond to the food security crisis.These projects are expected to support agriculture, social protection to cushion the effects of higher food prices, and water and irrigation projects, with the majority of resources going to Africa and the Middle East, Eastern Europe and Central Asia, and South Asia. In addition, the World Bank’s existing portfolio includes undisbursed balances of $18.7 billion in projects with direct links to food and nutrition security issues, covering agriculture and natural resources, nutrition, social protection, and other sectors. Altogether, this would amount to over $30 billion available for implementation to address food insecurity over the next 15 months. This response will draw on the full range of Bank financing instruments and be complemented by analytical work.

The World Bank Group’s global response will address four priorities:

Support production and producers: Take actions to enhance next season’s production by removing input trade barriers, focusing on more efficient use of fertilizers, and repurposing public policies and expenditures to better support farmers and output.

Facilitate increased trade: Build international consensus (G7, G20, others) and commitment to avoid export restrictions that increase global food prices and import restrictions that discourage production in developing countries.
Support vulnerable households: Scale up targeted, nutrition-sensitive social protection programs and replenish early-response financing mechanisms.
Invest in sustainable food and nutrition security: Strengthen food systems to make them more resilient to rising risks (conflict, climate, pests, diseases), trade disruptions and economic shocks – balance immediate/short-term needs with long-term investments.

The World Bank gained extensive experience in response to the 2007-2008 global food price crisis through the temporary Global Food Crisis Response Program (GFRP) that received donor contributions and channeled funds to 49 affected countries through 100 projects. Since then, the Bank had built up new tools dedicated to responding to food security crises, including the IDA Crisis Response Window. The World Bank also hosts the Global Agriculture and Food Security Program (GAFSP), which is an existing financial intermediary fund dedicated to improving food security in low-income countries and could be replenished to help fund the response to the current global food crisis

Patoma Admin by — May 21, 2022 in Banking & Finance 0

By Favour Nnabugwu

 

A Nigerian-born Irish politician, Rotimi Adebari, who was a former Mayor of Portlaoise, Ireland, is among 50 prominent people, whose panel decorates train stations, in Ireland.

This was revealed in a publication by Turtle Bunbury, an Irish author, historian, podcaster, publisher and public speaker
Bunbury partnered Iarnród Éireann Irish Rail to produce 50 history panels installed across train stations in Ireland with each panel telling a brief history of past events and people connected with each vicinity.

Bunbury partnered Iarnród Éireann Irish Rail to produce 50 history panels installed across train stations in Ireland with each panel telling a brief history of past events and people connected with each vicinity.
Good job Turtle Bunbury Histories and Iarnród Éireann Irish Rail with the Past Tracks initiative

“I remain appreciative to the people of Portlaoise for making the history of electing me into Portlaoise Town Council in 2004, and to my colleagues in the council, for pushing the boundaries and elected me the Mayor of the town in 2007, I say; go raibh maith agat!!!

Adebari was elected as the first black mayor in Ireland in 2007. He was born 1964 in Okeodan, Ogun State, and studied economics at the University of Benin
He is a convert from Islam to Christianity, he fled Nigeria in 2000, and made a claim for asylum on the grounds of religious persecution.

His application was rejected because of a lack of evidence that he had personally suffered persecution, but he gained residency because his third child, another boy, was born in Ireland.

Adebari and his family settled in County Laois. Adebari completed his master’s degree in intercultural studies at Dublin City University and set up a firm called Optimum Point Consultancy

 

Patoma Admin by — May 21, 2022 in Metro 0
Veritas Capital Insurance posts N570m profit in 2021

By Favour Nnabugwu

 

Veritas Kapital Insurance Plc has recorded  N570 million as its profit for the year 2021, a 39 percent dip from the amount it posted in the previous year.

This was on the back of a post-Covid year that saw organizations struggle to get back on their feet after a long pause in economic activities, which rocked industries – many companies responded by doubling down on operational activities.

In addition to the global pandemic, the Nigerian insurance industry was hit by the #EndSARS protest, which led to a lot of premium spending in 2021. Analysis shows that Veritas Kapital also increased spending slightly during that year.

During the period, the gross premium written and gross premium income stood at N6.3 billion and N5.8 billion, respectively. These, compared to the amount reported for the same purpose for the previous year at N6.27 billion and N5.3 billion, represented a slight. Reinsurance expenses was at N2.86 billion (from N2.81 billion), which drove the net premium to a record N2.9 billion (from N2.5 billion).

Similarly, there was a brief high in the net premium income, fees and commission income in 2021 to N2.9 billion and N491 million which drove the net underwriting income to N3.4 billion against the N2.7 billion in the previous year.

Total insurance claims and benefits paid for the period amounted to N1.3 billion, while the underwriting expenses was N846 million. This shows that the insurer paid more claims in 2021 compared to 2020, which had a record of N910 million and N506 million, leading to an underwriting result of N1.28 billion from N1.29 billion.

The slowdown in the company’s operation is further triggered by a fall in investment income, which fell from N1.8 billion to N1.6 billion, as well as an increase in management expenses to N2.7 billion in 2021 from N2.5 billion. This resulted in a profit before tax of N344 million from N844 million.

Patoma Admin by — May 21, 2022 in Insurance 0