Business
Zenith Insurance Posts N12.5bn Gross Premium
- Zenith Insurance Posts N12.5bn Gross Premium
Zenith Insurance Company Limited has said its gross written premium rose by 12 per cent to N12.5bn in 2017 from the N11.116bn recorded in the previous year.
The firm recorded a gross premium income of N12.806bn in 2017, up from N11.187bn in 2016, while net premium income rose to N8.090bn from N7.446bn in 2016, according to a statement.
Its fees and commission income increased by 37 per cent to N1.245bn in 2017 from N907m in 2016; net underwriting income also rose to N9.336bn from N8.354bn in 2016
The firm said its profit before tax dropped to N4.750bn from N5.927bn in 2016 owing to high claims, increase in management expenses and high taxation expenses.
It said total claims of N6.7bn was paid out in 2017, representing an increase of 36 per cent from the N4.7bn paid out in 2016 and a total claims ratio of 58 per cent in 2017.
The firm’s total shareholders’ fund and asset base stood at of N22.37bn and N34.37bn respectively.