Zenith General Insurance Limited has released its full-year financial statements for the year ended December 31, 2019. A review of the results showed positive improvements on year-on-year basis with profit before tax rising by 16per cent from N3.16billion to N3.67billion while profit after tax rose 10per cent up from N2.79billion to N3.06billion. The company also maintained a robust balance sheet having closed the year with total assets of N40.1billion and a shareholders’ fund of N25.9billion.
Gross premium grew 17 per cent year-on-year from N13.7billion to N16.1billon, while there was a 46 per cent growth in underwriting profit from N2.77billion to N4.06billion. The company made substantial gains from reduced claim expenses and healthy growth in gross written premiums.
Investment income showed an increase of 2per cent 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.