FBS Re: 2024 provisional results

The Nigerian reinsurance company FBS Reinsurance Limited (FBS Re) has published its provisional business indicators for the year ended 31 December 2024. The reinsurer reported a turnover of 31.432 million USD, down 9.9% compared to the 34.904 million USD achieved in 2023.

FBS Re ended the year with a net result of 8.718 million USD, against 18.821 million USD a year earlier, reflecting a 53.7% decline.

The company's shareholders' equity stood at 25.737 million USD, and the return on equity (ROE) amounted to 33.88%.

Share capital increased by 16.3%, from 11.1 million USD in 2023 to 12.91 million USD one year later.

Nigerian insurers and reinsurers are heavily affected by the sharp devaluation of the national currency against the dollar. For example, between December 2023 and December 2024, that is, in just 12 months, the naira lost 76% of its value against the US dollar.