Zenith General Insurance makes N3.67b profit in 2019

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Zenith General Insurance Limited has recorded positive improvements on a year-on-year basis in its financial year ended December 31, 2019 with Profit Before Tax (PBT) rising by 16 per cent from N3.16 billion to N3.67 billion.

The underwriter’s Profit After Tax (PAT) also rose by 10 per cent up from N2.79 billion to N3.06 billion.

The company also maintained a robust balance sheet closing the year with total assets of N40.1bn and a shareholders’ fund of N25.9bn.

A further review of the results showed that gross premium grew by 17 per cent year-on-year from N13.7 billion to N16.1 billion, while there was a 46 per cent growth in underwriting profit from N2.77 billion to N4.06 billion.

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.

The Managing Director/CEO, Mr. Kehinde Borisade, said the company is re-affirming its mission statement that Zenith General Insurance exists to ensure peace of mind and also create value to people in a world of uncertainties.

He said: “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.