FBN Insurance Limited has paid out N11.4 billion claims to its clients as at end of the third quarter of 2021, which represents a 39 per cent increase when compared to N8.2 billion paid in the same period in 2020.
Further breakdown showed that individual life insurance had the highest figure of N5.3 billion, while annuity accounted for N3.5 billion.
Other figures, according to the data released by the insurer, were N1.9 billion for group life insurance, and N687 million for credit life insurance.
The Managing Director/Chief Executive Officer of the firm, Mr. Val Ojumah, said that in a bid to protect the interest of both corporate and individual clients, FBN Insurance has built a solid foundation where clients can insure their trust by promptly paying their claims when the need arises.
He stated: “Ours is a business of trust and our strategy remains to provide financial security to our clients. We are keen to attain uncontested leadership status in the life insurance sub-sector as well as aggressively exceed our customers and shareholders’ expectations by paying their claims as and when due.”