Zenith General Insurance Limited has recorded a 10 percent increase in its profit after tax from N2.79 billion in 2018 to N3.06bn for the year ended 31 December 2019.
A review of its full-year financial statements showed positive improvements on a year-on-year basis with profit before tax rising by 16 percent from N3.16bn to N3.67bn.
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 percent from N13.7bn to N16.1bn, while there was a 46 percent 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.
The Managing Director, 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”, the insurer added.
He said the risk underwriting company settled total claims payment of N3.8bn for the year and recorded average settlement turnaround time of three days.
