FBN to reposition business, AXA Mansard sees progress
FBN Holdings Plc says it is committed to repositioning its business and reclaim the top position in the industry.
The Group Managing Director, FBN Holdings, UK Eke, said this at the financial institution’s Annual General Meeting held in Lagos, and called for the support of stakeholders, especially its shareholders.
He said the cost-to-income ratio of the group declined from 61.3 per cent to 47 per cent, while it recorded a rise in gross earnings year-on-year by 15.7 per cent.
The Group Chairman, FBN Holdings, Oba Otudeko, said 2017 was an important year for the business to overcome its challenges and leap back into the path of sustainable growth.
In a related development, AXA Mansard Insurance Plc, at its 25th AGM, assured shareholders of continued progress despite the current Nigerian economic challenges.
Its Chairman, Mr. Olusola Adeeyo, said the company would exceed the expectations of shareholders as it continued to explore more opportunities.
The Chief Executive Officer of the company, Mrs. Yetunde Ilori, said the insurer ended 2016 with an underwriting expense ratio of 10 per cent, which represented an improvement over 12 per cent recorded in 2015.
“Our claims ratio rose to 42 per cent from 37 per cent in 2015, driven by a combination of attributional and large one-off losses,” she added.