Business

FBS Reinsurance Grows Premium Income by 32%, Retains Stable GCR Ratings

Published

4 months ago

June 19, 2026

BY NKECHI NAECHE-ESEZOBOR—Reinsurance Limited, one of Nigeria’s indigenous reinsurance companies, has reported a strong financial performance for the 2025 financial year, with significant growth across key performance indicators.

The company disclosed at its fifth Annual General Meeting (AGM) held recently in Abuja that its Gross Written Premium (GWP) increased by 32 per cent, rising from ₦48.9 billion in 2024 to ₦64.5 billion in 2025.

Insurance revenue also recorded notable growth, climbing by approximately 12 per cent from ₦50.9 billion in 2024 to ₦57.2 billion in 2025.

A major highlight of the company’s performance was the turnaround in its insurance service result. FBS Reinsurance posted a profit of ₦20.3 billion in 2025, reversing the loss of ₦6.6 billion recorded in the previous year. Profit before tax equally improved, increasing from ₦10.1 billion in 2024 to ₦16.7 billion in 2025.

Speaking at the AGM, the Chairman of the Board, Bala Zakariyau, attributed the impressive performance to improved underwriting discipline, stronger portfolio management and enhanced operational efficiency.

“This performance reflects improved underwriting discipline, stronger portfolio management, and enhanced operational efficiency during the year,” Zakariyau said.

The reinsurer also strengthened its liquidity position during the period under review. Cash and cash equivalents, alongside financial assets, grew by 17 per cent from ₦58.8 billion in 2024 to ₦69 billion in 2025. According to the company, the growth reflects enhanced liquidity management, stronger investment performance and a continued focus on maintaining financial resilience amid prevailing market uncertainties.

Shareholders’ funds rose significantly by 38 per cent, increasing from ₦37 billion in 2024 to ₦51 billion in 2025. The company said the growth underscores its strong capital base, improved profitability and commitment to creating sustainable long-term value for shareholders.

In a further boost to its market standing, FBS Reinsurance announced that it has been affirmed by GCR Ratings with an International Scale Financial Strength Rating of B- with a Stable Outlook. On the National Scale, the company received a Financial Strength Rating of AA(NG), also with a Stable Outlook, reflecting confidence in its financial strength and operating performance.

The post FBS Reinsurance Grows Premium Income by 32%, Retains Stable GCR Ratings appeared first on Business Today NG.

Related Topics:FBS GCR Grows Income Premium Ratings Reinsurance retains Stable

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Fidelity Bank Plc redeems $400m eurobond at maturity

Published

2 hours ago

October 28, 2026

PlateauReports

Fidelity Bank Plc has redeemed its 5-year $400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting investor obligations and reinforcing its track record in the international debt capital markets.

Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.

The redemption was funded from internally generated liquidity as part of the bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.

Commenting on the development, Fidelity Bank Plc’s Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe, said the successful redemption reflected the bank’s disciplined approach to financial management and its commitment to delivering on its obligations.

“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Mrs Onyeali-Ikpe said.

The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, in which the bank raised $300 million and $400 million, respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the bank’s international debt offering.

READ ALSO: World Bank projects 23% rise in global commodity prices in 2026

The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The bank’s capital-raising efforts increased its eligible regulatory capital to approximately N533 billion, exceeding the N500 billion minimum capital requirement for banks with international authorisation.

The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.

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Business

Coronation Insurance Seeks SEC Approval for Proposed Share Acquisition Scheme

Published

10 hours ago

October 28, 2026

PlateauReports

BY NKECHI NAECHE-ESEZOBOR—Coronation Insurance Plc has resubmitted its application to the Securities and Exchange Commission (SEC) for formal approval of a proposed scheme of arrangement that would allow its core shareholders to acquire the shares held by other shareholders in the company.

According to the notice to Nigeria Exchange Limited, shareholders and the investing public, the company said it submitted the application on October 16, 2026, following the resolution of outstanding matters that had previously prevented the SEC from reviewing the proposal.

The proposed scheme follows a court-ordered meeting held on December 22, 2023, where shareholders considered and approved the arrangement between the company and holders of its fully paid ordinary shares.

The proposal was initiated by Coronation Capital (Mauritius) Limited and its related parties, collectively referred to as the core shareholders, to acquire the shares of other shareholders in Coronation Insurance.

The company applied to the SEC for formal approval on December 27, 2023. However, the commission was unable to proceed with its review because of certain pending matters.

According to the notification, those matters have now been resolved. Coronation Insurance subsequently wrote to the SEC on September 22, 2026, informing the commission of the development and requesting formal approval of the scheme.

The SEC acknowledged the conclusion of the outstanding matters in an email dated October 7, 2026, and requested that the company submit a formal application accompanied by all required documents. Coronation Insurance said it complied with the request on October 16, 2026.

The company also disclosed that it had informed the core shareholders of the developments, adding that they had confirmed their continued interest in proceeding with the scheme, provided its implementation complies with applicable laws, regulations, market rules and precedents.

Under the proposed arrangement, the consideration payable for the shares will be based on the highest trading price recorded for the company shares on NGX during the six months preceding the date of the notification.

The company stated that the consideration price remains subject to the receipt of all required regulatory approvals.

The notice added that the company said several steps remain before the scheme can be completed.

These include obtaining the SEC’s formal approval, securing an order from the Federal High Court sanctioning the scheme, and filing a certified true copy of the court order with the Corporate Affairs Commission.

The company will also be required to pay the scheme consideration to minority shareholders, apply to the NGX for the delisting of its shares and complete the delisting process.

Completion of the scheme remains subject to SEC approval, the sanction of the Federal High Court and the filing of the certified true copy of the court order with the Corporate Affairs Commission.

The company said it would continue to update shareholders and the investing public on further developments.

It also advised shareholders and investors to exercise caution when dealing in its shares until further announcements are made.

The post Coronation Insurance Seeks SEC Approval for Proposed Share Acquisition Scheme appeared first on Business Today NG.