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

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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.

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Sierra Leonean President Bio, Elumelu rally West African private sector to turn regional potential into investment, jobs

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The President of Sierra Leone and immediate past Chair of the ECOWAS Authority of Heads of State and Government, Julius Maada Bio, and leading African investor and Chairman of Heirs Holdings, Tony Elumelu, have called on West Africa’s private sector to move decisively from the promise of regional integration to its delivery.

They both called for support to mobilise capital, build competitive industries, create jobs, and transform the region’s vast economic potential into shared prosperity.

Hosting President Bio in Lagos ahead of the inaugural West Africa Integration and Investment Summit (WAIIS), Mr Elumelu brought together leading private sector and financial institution leaders for the inaugural physical meeting of the WAIIS Private Sector Advisory Board.

The meeting focused on four strategic areas with the potential to reshape West Africa’s economic future: energy trade and industrialisation, strategic minerals, agribusiness, and digital transformation.

President Bio set out an ambitious vision for WAIIS to consolidate a regional market of more than 400 million people and mobilise businesses from within West Africa and across the world to deepen trade, investment and economic cooperation.

“We are partners in execution — let us transform ideas into partnerships, partnerships into investments, and investments into lasting prosperity for our continent,” Mr Bio told members of the Advisory Board.

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He added: “But potential is not prosperity. Our task is to convert these advantages into productive enterprises, competitive industries, regional value chains, jobs and wealth.”

Mr Elumelu welcomed President Bio’s initiative to place private capital and enterprise at the heart of the regional agenda, reaffirming his commitment to mobilising African and international investment alongside leading African financial institutions, including the Africa Finance Corporation, Afreximbank, United Bank for Africa (UBA), Ecobank, etc., to support the execution of priority projects.

The approach reflects Mr Elumelu’s philosophy of Africapitalism—the belief that the African private sector has a defining role to play in catalysing the continent’s economic transformation through long-term investment in critical sectors.

Mr Elumelu stressed that Africa’s businesses must increasingly look beyond national borders and combine capital, expertise and capabilities to build enterprises and industries capable of competing at scale, while creating jobs and expanding opportunity across the sub-region.

“This is consistent with our aspirations to create jobs for our young people,” Mr Elumelu said. “We have all it takes to be prosperous.”

But private sector ambition, he noted, must be matched by decisive government action.

“Governments must provide the policy certainty, regulatory efficiency and security required to give investors the confidence to commit capital for the long term.”

Lagos State Governor, Babajide Sanwo-Olu, underscored the importance of industrialisation and the free movement of goods and services in building a truly integrated West African market. He stressed that political leaders must provide the enabling environment, certainty and assurances required for businesses to invest, produce and trade across borders.

At the centre of the discussion was a shared conviction that West Africa has the scale, resources, talent and entrepreneurial capacity to become one of the world’s most dynamic economic regions.

With the Summit now less than two months away, Mr Bio called on members of the Advisory Board to move from advocacy to active mobilisation: engaging prospective investors directly, matching them with viable projects, and identifying the financing gaps, policy decisions and other interventions required to move transactions forward.

WAIIS will take place on 17–18 November 2026 at the Julius Maada Bio International Conference Centre in Lungi, Sierra Leone, bringing heads of state, investors and business leaders together to advance investment across energy, strategic minerals, agribusiness and digital transformation.

READ ALSO: How Nigeria’s Population Commission mismanaged N245 billion on undelivered products, other controversial contracts – Auditor-General

Notable names on the WAIIS Private Sector Advisory Board are Tony Elumelu — Chairman, Heirs Holdings; Aliko Dangote— Group President/Chief Executive, Dangote Group; Folorunso Alakija — Executive Vice Chairman, FA Limited; Samuel Dossou-Aworet — Founding Chairman, Petrolin Group; George Elombi — President & Chairman of the Board of Directors, Afreximbank; and Abdul Samad Rabiu, Chairman/CEO, BUA Group.

Others are Wale Tinubu — Group Chief Executive, Oando PLC; Samaila Zubairu — President & Chief Executive Officer, Africa Finance Corporation; Alain Ebobissé — Chief Executive Officer, Africa50; Jean-Claude Kassi Brou — Governor, Central Bank of West African States; Paulo Gomes — Founder and Chairman, Orango Investment Corporation; Benedict Okey Oramah — Chairman, Africa Trading Minerals (ATMIN); and Habib Yérim Sow — Group Chairman & CEO, Teyliom Group.


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NPF Pensions Rolls Out Support Programmes for Retired Police Officers

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NKECHI NAECHE-ESEZOBOR—Retirement should not mark the start of fresh hardship for police officers who devoted their working lives to safeguarding the public, yet questions about pension adequacy, gratuity payments and the general welfare of retirees continue to feature in conversations on police welfare.

With Police Pension Week underway, the Nigeria Police Force Pensions Board says it is working to strengthen its services and tackle some of the difficulties confronting both serving and retired officers.

The agency says that, in addition to routine pension payments, it runs a Retirement and Resettlement Support Programme designed to help retirees cope while their retirement benefits are being processed.

It also holds pre-retirement seminars that prepare officers for life after service, offering training in areas such as poultry farming and other small-scale ventures.

According to the agency, these efforts are intended to give retired personnel better financial footing and ease their transition from active duty to civilian life.

The post NPF Pensions Rolls Out Support Programmes for Retired Police Officers appeared first on Business Today NG.

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