Connect with us
Gage

Corporate Press Releases

Zenith General Insurance’s Profit Before rises by 16% to N3.67 billion

Zenith Insurance is one of Nigeria’s leading insurance institutions. The company is one of the first insurance companies to have met the recapitalisation requirements of the National Insurance Commission (NAICOM) by recapitalising its share capital from N3 billion to N10 billion.

Published

on

Prudential Zenith rolls out virtual services to help customers cope with COVID-19

Zenith General Insurance Limited has released its full-year financial statements for the year ended 31 December 2019. A review of the results showed positive improvements on a year-on-year basis with profit before tax rising by 16% from N3.16 billion to N3.67 billion while profit after tax rose by 10% up from N2.79 billion to N3.06 billion. The company also maintained a robust balance sheet closing the year with total assets of N40.1 billion and a shareholders’ fund of N25.9 billion.

Get the Nairametrics App

Gross premium grew by 17% year-on-year from N13.7bn to N16.1 billion, while there was a 46% 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 2% 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.

READ ALSO: Zenith Bank: No major threat to earnings in the near term; Buy recommendation maintained

Specta

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. We also ensured prompt settlement of claims with total claims payment of N3.8bn for the year and an average settlement turnaround time of three days.”

He added that “our company has continued to maintain a very strong and healthy financial position with a growth of 6% year-on-year on total assets, and a 4% increase in shareholders’ funds. We also continue to strive to be the best in the insurance industry; maintaining the strongest solvency position and closing the year with a solvency ratio of 726%”.

READ MORE: Continental Reinsurance reports Q1 2020 results, affirms support towards COVID-19 pandemic

Zenith Insurance is one of Nigeria’s leading insurance institutions. The company is one of the first insurance companies to have met the recapitalisation requirements of the National Insurance Commission (NAICOM) by recapitalising its share capital from N3 billion to N10 billion.

Coronation ads

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Corporate Press Releases

Kinyungu Ventures Research calls for changes to cut-and-paste VC strategy in Africa

The Paper recommends investment structures and approaches tailored to African operating conditions.

Published

on

East African venture advisory firm, Kinyungu Ventures has published a white paper Chasing Outliers: Why Context Matters for Early Stage Investing in Africa that has found that there continues to be a wide misalignment between traditional venture capital models and the African market. The team behind the report is now calling for a broadening of approaches to institutional investment on the continent. Speaking with 100 Pan-African founders, investors, and LPs across 15 African countries, the research suggests investors should prioritize investing structures and practices that reflect the realities of operating in Africa. This includes adopting more flexible investing structures with longer time horizons.

According to the paper, there are multiple mismatches between key characteristics of Silicon Valley VC and African markets, which influence how startups and funds maneuver as well as what results they expect and produce. Findings show that African markets are large, but also fragmented, and its consumers have limited purchasing power. Furthermore, consumers on the continent are difficult to acquire and retain, yet the sheer size of the African market also presents a real opportunity for profit once the environment is clearly understood. The paper’s key recommendations for funds include:

  • Adopting more focused investment strategies, such as investing in b2b companies or cross-subsidizing a portfolio with less risky, steady return assets.
  • Considering non-unicorn investing models geared at more resilient companies, with returns distributed more widely across the portfolio
  • Using flexible structures such as debt or PCVs to accommodate market-level changes, where feasible
  • Allowing a longer time horizon for returns, understanding that growth could be slow and difficult to achieve for many companies

Kinyungu Ventures catalyzes resilient businesses for local intergenerational prosperity. The East African-centric investor focuses on entrepreneurship in East Africa, startups, seed funding, debt financing, impact investing and angel investing.

Speaking on the launch of the white paper, Tony Chen, Managing Director of Kinyungu Ventures and co-publisher of the report says, “Capital in Africa is scarce and pursuing a “growth at all costs” strategy where capital pools are shallow presents huge risks for companies. We’ve also found that many great businesses don’t fit the typical VC profile, but have tremendous unfulfilled potential”.

Tayo Akinyemi, lead researcher and writer of the report added: “In our conversations with numerous investors and founders, it is clear that nuances in variables such as consumer behavior, cultural norms, and business practices impact startups significantly and being on the ground is crucial for success. While African markets aren’t always able to provide the outsized returns that Silicon Valley typically looks for in high-growth companies, a more focused strategy here could unlock real gems, as has been proven by some of the startup successes the continent has seen over the years.”

Specta

Continue Reading

Corporate Press Releases

Global Credit Rating reaffirms Sovereign Trust Insurance Plc ‘A-‘rating

Global Credit Rating Limited has reaffirmed an A-rating for Sovereign Trust Insurance Plc.

Published

on

Sovereign Trust Insurance blames IT failure for delaying its 2019 financial statement

Global Credit Rating Limited, an international rating agency, has reaffirmed an A-rating for Sovereign Trust Insurance Plc.

According to a press release signed by the firm’s Deputy General Manager, Olusegun Bankole, and seen by Nairametrics, the insurance firm has consistently maintained its rating for over a decade now.

The key drivers that helped in the reaffirmation of the A-rating by the firm are;

  • Consistency in paying her claims obligations over the years, as captured in an earlier solvency and operational report for financial institutions in Nigeria and other allied businesses, released by the rating agency in December 2020.
  • Listing of rights issue in 2019 which helped to increase the shareholders’ funds of the company to N8.2 billion as at Q3 2020, up by 31% Year-on-Year. This played a catalyst role in maintaining the A-rating status of the firm.
  • The capital adequacy of the firm was also pivotal.

According to the information available on the website of the rating agency, the A-rating reflects high claims-paying ability, strong protection factors, modest risk which may vary over time due to economic and/or underwriting conditions.

This fact was buttressed by a section in the press release which reads:

Specta
  • Sovereign Trust Insurance Plc has great potentials for growth in the years ahead, considering some of the strategies that have been put in place to propel its operations. Global Credit Rating noted that the company has shown a great deal of consistency in her claims obligations to her numerous customers spread all over the country.”

About Global Credit Rating Limited

  • Global Credit Rating Co (Pty) Ltd (GCR) operates as a credit rating services provider. The Company ratings for banks, financial institutions, insurance, corporate and public sector debt, and structured finance serves customers worldwide.

Continue Reading

Corporate Press Releases

Range Developments: Citizenship-by-Investment in Grenada

Range Developments is the largest and most successful hospitality developer in the Eastern Caribbean engaged in the Citizenship by Investment sphere. 

Published

on

Citizenship by Investment is the process of obtaining a second citizenship and passport by investing in the economy of the host country. Located in the West Indies in the Caribbean Sea is Grenada – a country which offers Citizenship by Investment to willing investors. This program was restructured and relaunched by Grenada in 2013 and it offers a low cost entry for a second passport for willing Investors. Grenada as a country is enriched with exquisite cuisine, excellent healthcare and education systems. In addition, it is one of the safest nations in the Caribbean and its citizenship by investment programs is one of the most sought-after citizenship programs in the world due to many advantages Grenadian citizenship entails

Range Developments is the largest and most successful hospitality developer in the Eastern Caribbean engaged in the Citizenship by Investment sphere.  With years of expertise under its belt, Range Developments offers the most desirable process for acquisition of Citizenship by Investment in Grenada. All you need as an Investor and prospective Grenadian citizen is $220,000 (two hundred and twenty thousand US Dollars) in addition to applicable fees. Through this process, an Investor gets their Grenadian passport in 90-120 days without the need to reside in or even visit Grenada. Further, no interview, education or management experience is required for an Investor.

www.tbfoto.com.br PARK HYATT ST KITTS – ST KITTS & NEVIS – APRIL/2018 Photo: Tadeu Brunelli

By participating in the Citizenship-by-Investment project in Grenada, Investors will enjoy global benefits and a secure investment in one of the world’s most renowned hospitality brands. Some other perks of obtaining Grenadian citizenship through Citizenship-by-Investment with Range Developments include:

  • Visa-free travel and visa-on-arrival to over 140 countries worldwide including Schengen member States, the United States of America (USA), the United Kingdom, China, Russia and many more;
  • Access to the USA Investor E-2 Visa (which allows citizens of Grenada to operate a substantial business and also reside in the USA);
  • Eligibility of family members (siblings, children and parents) for Grenadian citizenship;
  • Right to hold dual citizenship;
  • Citizenship for life in Grenada with the right to live and work in the country;
  • Enjoying political and social security;
  • Tax benefits and incentives (such as no foreign income, wealth, gift, inheritance or capital gains tax, etc).

For more information, Range Developments may be contacted at +97143253447. You may also reach out on Whatsapp at +971527324097 or via email at [email protected]

Specta

Continue Reading
Advertisement




Advertisement