Zenith General Insurance Limited has released its full-year financial
\nstatements for the year ended 31 December 2019. A review of the results
\nshowed positive improvements on a year-on-year basis with profit before
\ntax rising by 16% from N3.16bn to N3.67bn while profit after tax rose by
\n10% up from N2.79bn to N3.06bn. The company also maintained a robust
\nbalance sheet closing the year with total assets of N40.1bn and a
\nshareholders\u2019 fund of N25.9bn.<\/p>\n
Gross premium grew by 17% year-on-year from N13.7bn to N16.1bn, while
\nthere was a 46% growth in underwriting profit from N2.77bn to N4.06bn.
\nThe company made substantial gains from reduced claim expenses and
\nhealthy growth in gross written premiums.<\/p>\n
Investment income showed an increase of 2% year on year, up from N3.55bn
\nin 2018 to N3.63bn in 2019 despite lower yields on most investment
\nclasses in 2019.<\/p>\n
Commenting on the financial results, the Managing Director\/CEO, Mr.
\nKehinde Borisade said \u201cwe are re-affirming our mission statement that
\nZenith General Insurance Ltd exists to ensure peace of mind and also
\ncreate value to people in a world of uncertainties. This is evident in
\nour strong financial performance showing improvement across the board
\nthrough increased premium income, underwriting profits and investment
\nincome despite the economic headwinds witnessed in various sectors of
\nthe economy. We also ensured prompt settlement of claims with total
\nclaims payment of N3.8bn for the year and an average settlement
\nturnaround time of three days.\u201d<\/p>\n
He added that \u201cour company has continued to maintain a very strong and
\nhealthy financial position with a growth of 6% year-on-year on total
\nassets, and a 4% increase in shareholders\u2019 funds. We also continue to
\nstrive to be the best in the insurance industry; maintaining the
\nstrongest solvency position and closing the year with a solvency ratio
\nof 726%”.<\/p>\n
Zenith Insurance is one of Nigeria\u2019s leading insurance institutions. The
\ncompany is one of the first Insurance companies to have met the
\nrecapitalisation requirements of the National Insurance Commission
\n(NAICOM) by recapitalising its share capital from N3bn to N10bn.<\/p>\n","protected":false},"excerpt":{"rendered":"
Zenith General Insurance Limited has released its full-year financial statements for the year ended 31 December 2019. A review of the results showed positive improvements on a year-on-year basis with…<\/p>\n","protected":false},"author":1,"featured_media":69010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-73550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n