KBL Insurance Limited, a prominent player in the Nigerian general insurance sector, has announced impressive financial results for the 2024 financial year, showcasing significant growth and a strong commitment to customer satisfaction. The company reported a remarkable surge in insurance revenue, reaching N6.4 billion, a substantial 35.97% increase compared to the N4.7 billion generated in 2023. This robust performance underscores the company’s strategic initiatives, innovative product development, and growing customer confidence across the nation. Further solidifying its commitment to policyholders, KBL Insurance paid out over N1.2 billion in claims settlements during the 2024 financial year, demonstrating its reliability and responsiveness in fulfilling its obligations. This substantial claims payout reinforces the company’s dedication to providing timely and efficient support to its customers during times of need.
KBL Insurance’s financial success extends beyond revenue growth, as the company also reported a significant increase in profitability. Profit Before Tax (PBT) reached N999 million in 2024, a considerable jump from the N606 million recorded in the preceding year. This remarkable improvement in profitability highlights the effectiveness of the company’s operational strategies and its ability to manage costs while expanding its business operations. The strong financial performance provides a solid foundation for future growth and investment, allowing KBL Insurance to further enhance its product offerings and customer service capabilities. This sustained profitability also reinforces the company’s stability and resilience within the competitive insurance landscape.
The company’s Managing Director/Chief Executive Officer, Lawal Mijinyawa, attributed the outstanding performance to the collective efforts of the KBL team, emphasizing the company’s unwavering dedication to growth fueled by innovation and integrity. He highlighted the company’s customer-centric approach, stating that KBL Insurance views insurance as more than just policies, but as a commitment to people. This philosophy is reflected in the company’s prompt claims settlement, investment in service delivery, and continuous efforts to enhance the customer experience. Mr. Mijinyawa stressed the importance of building trust and loyalty with customers, recognizing that this is crucial for long-term success in the insurance industry.
Mr. Mijinyawa further emphasized that KBL Insurance’s success is built on the pillars of strong teamwork, customer-centric operations, and a clear corporate vision focused on long-term sustainability. The company’s vision, to become “the company best known for providing insurance protection for every home and business in Nigeria,” underscores its ambition to expand its reach and impact throughout the country. This ambitious goal demonstrates KBL Insurance’s commitment to serving the diverse needs of Nigerian individuals and businesses, providing them with comprehensive insurance solutions and financial security. The company’s continued resilience and relevance in a highly competitive market are testament to its strategic focus and adaptability.
Furthermore, the company’s commitment to prompt claims settlement is evident in its subsequent payout of over N1.29 billion to policyholders in the first half of 2025. This continued emphasis on meeting customer needs reinforces KBL Insurance’s reputation for reliability and genuine care. By consistently prioritizing claims payments, the company solidifies its commitment to providing financial security and peace of mind to its policyholders. This proactive approach to claims management further strengthens the trust and loyalty that KBL Insurance has cultivated with its customers.
In conclusion, KBL Insurance’s impressive financial performance in 2024, marked by significant revenue growth, increased profitability, and substantial claims payouts, demonstrates the company’s strong market position and commitment to customer satisfaction. The company’s strategic focus on innovation, customer-centricity, and long-term sustainability positions it for continued success in the Nigerian insurance market. KBL Insurance’s dedication to providing comprehensive insurance protection to individuals and businesses across Nigeria reinforces its vision of becoming a leading provider in the industry. Its consistent efforts to improve service delivery and enhance the customer experience further solidify its reputation as a reliable and trustworthy insurance partner.
