Monday, May 25th 2020 11:42 PM
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Market Digest Nigeria

Finance

Zenith General Insurance grows profit by 16%

Zenith General Insurance Limited has recorded a 16 per cent growth in profit before tax for the year ended December 31, 2019.

A review of the results showed positive improvements on a year-on-year basis with profit before tax rising by 16 per cent from N3.16bn to N3.67bn while profit after tax rose by 10 per cent up from N2.79bn to N3.06bn.

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

Gross premium grew by 17 per cent year on year from N13.7bn to N16.1bn, while there was a 46 per cent 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.

Investment income showed an increase of two per cent 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 of the firm, Mr Kehinde Borisade, said, “We are reaffirming our mission statement that Zenith General Insurance Ltd exists to ensure peace of mind and create value to people in a world of uncertainties.”

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