FBN Holdings Plc has unfolded plans to partner with Salaam, a major insurance player in South Africa to advance its penetration in Nigeria.

The Chief Executive Officer of the Group, Bello Maccido,  said the value of insurance contracts which closed at N300 billion in 2012, representing one per cent of the overall Gross Domestic Product (GDP) of the country has necessitated its decision to increase its penetration in the industry.

Maccido, who expressed optimism that the future of insurance business in Nigeria remains positive, also explained that the bank was looking at the possibilities of penetrating into the non-life segment of the business.

“We recognize that we need to attract general insurance business by acquiring an existing insurance company to  penetrate into the bigger market. To that effect, We are working with Salaam in South Africa to rid on their experience to put our bank assurance   products together to drive the growth of the banking business.

“In the light of the expected growth in the value of insurance contracts to N1 trillion by the end of 2017 and our early success in with FBN Life, as well as our continued believe in the synergies that our commercial banking business avails to insurance including broad and immediate distribution, a captive client base, a brand that is second to none in its perspective as being trustworthy, we would outwit challenges in the new environment.”