Tuesday, May
19, 2020 / 11:53 AM / by Zenith Bank / Header Image Credit: Jim Ovia
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 profit before tax rising by 16% from
N3.16bn to N3.67bn while profit after tax rose by 10% up from N2.79bn to
N3.06bn. The company also maintained a robust balance sheet closing the year
with total assets of N40.1bn and a shareholders' fund of N25.9bn.
Gross
premium grew by 17% year-on-year from N13.7bn to N16.1bn, while there was a 46%
growth in underwriting profit from N2.77bn to N4.06bn. The company made
substantial gains from reduced claim expenses and healthy growth in gross
written premiums.
Investment
income showed an increase of 2% year on year, up from N3.55bn in 2018 to
N3.63bn in 2019 despite lower yields on most investment classes in 2019.
Commenting
on the financial results, the Managing Director/CEO, Mr. Kehinde Borisade said "we are re-affirming our mission statement that Zenith General Insurance Ltd
exists to ensure peace of mind and also create value to people in a world of
uncertainties. This is evident in our strong financial performance showing
improvement across the board through increased premium income, underwriting
profits and investment income despite the economic headwinds witnessed in
various sectors of the economy. We also ensured prompt settlement of claims
with total claims payment of N3.8bn for the year and an average settlement
turnaround time of three days."
He added
that "our company has continued to maintain a very strong and healthy financial
position with a growth of 6% year-on-year on total assets, and a 4% increase in
shareholders' funds. We also continue to strive to be the best in the insurance
industry; maintaining the strongest solvency position and closing the year with
a solvency ratio of 726%".
Zenith
Insurance is one of Nigeria's leading insurance institutions. The company is
one of the first Insurance companies to have met the recapitalisation
requirements of the National Insurance Commission (NAICOM) by recapitalising
its share capital from N3bn to N10bn.
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