Zenith General Insurance Limited has released its full-year financial statements for the year ended 31 December 2019, showing positive improvements on a year-on-year, YoY, basis with profit before tax rising by 16 percent to N3.67billion from N3.16billion.
The company maintained a robust balance sheet closing the year with total assets of N40.1billion and a shareholders’ fund of N25.9billion.
Gross premium grew by 17 percent YoY to N16.1billion from N13.7billion, while there was a 46 percent growth in underwriting profit from N2.77billion to N4.06billion.
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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.
“Our company has continued to maintain a very strong and healthy financial position with a growth of 6.0 percent YoY on total assets, and a 4.0 percent increase in shareholders’ funds.
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“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 percent’’.
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