Inside Details As Zenith Assurances N12.5Bn Gross Premium Written, N6.7bn Claims Payment
Zenith Insurance recorded a gross premium written of N12.5 billion during its financial year ended De. 31, 2017.
It represents a 12 per cent increase over the N11.116 billion recorded in 2016
The
company’s financial statements, which were approved by the National
Insurance Commission (NAICOM) on April 20, 2018, also Indicated that its
net assets stood at N23 billion, one of the highest in the country's
insurance industry.
The
company, one of the youngest in the industry, had a solvency ratio of
634 per cent in 2017, indicating that it could cover its minimum
regulatory solvency requirement six times over.
It's
gross premium income was N12.806 billion, up from N11.187 billion in
2016, while its net premium income stood at N8.090 billion, up from the
N7.446 billion in 2016.
Analysis
of the company’s results in 2017 showed that the company's fees and
commission income jumped by 37 per cent from N907 million in 2016 to
N1.245 billion in 2017.
The
results showed that net underwriting income also rose from N8.354
billion in 2016 to N9.336 billion, while profit before tax dropped to
N4.750 billion from N5.927 billion in 2016 owing to the high claims,
increase in management expenses and high tax expenses.
The company's return on equity was 15.5 per cent in spite of the strong economic headwinds in 2017.
It
paid total claims amounting to N6.7 billion in 2017, an increase of 36
per cent over the N4.7 billion paid in 2016, representing a total claims
ratio of 58 per cent.
Zenith
Insurance is one of the most dynamic insurance companies in Nigeria,
offering a wide range of corporate, commercial and individual insurance
services at the right price and with the best service infrastructure to
ensure clients’ satisfaction.
With
total shareholders’ fund of N22.37B and a total asset base of N34.37b,
Zenith Insurance is one of the most capitalized companies in the
insurance industry and it has the second highest profit after tax in the
insurance industry.
The
Company is licensed to underwrite all classes of Insurance business
delineated into the undernoted lines of business: Fire and Allied Perils
Insurance; General Accident Insurance – Burglary Insurance; Money
Insurance; Fidelity; Guarantee Insurance; Group Personal Accident
Insurance; Employers Liability; General Third Party Liability Insurance;
Product Liability Insurance, Industrial All Risks Insurance: All Risk
Insurance, Business Interruption Insurance
Others
are: Marine Insurance – Hull & Machinery Insurance and Marine Cargo
Insurance; Motor Insurance – Commercial and Private; Oil and Energy
Insurance; Aviation Insurance; Engineering Insurance – Construction All
Risks, Plant All Risks, Electronic Equipment All Risks, Machinery
Breakdown, Erection All Risk; Investment linked services; Special Risks
and Other financial services such as Guaranties and bonds.
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