A review of the results showed positive improvements on a year-on-year basis with profit before tax rising by 16 per cent from N3.16 billion to N3.67 billion while profit after tax rose by 10 per cent up from N2.79 billion to N3.06 billion.
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 two per cent year on year, up from N3.55 billion in 2018 to N3.63 billion in 2019 despite lower yields on most investment classes in 2019.
Its Managing Director/CEO, 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 N3.8 billion for the year and an average settlement turnaround time of three days.”
