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Zenith Insurance records N12.5bn gross premium written, pays N6.7bn claims

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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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Obasa Missing as Lagos Assembly Sits, Lauds President Tinubu

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The Lagos State House of Assembly convened for a crucial legislative session yesterday, but an unexpected absence stole the spotlight, the ousted Speaker Mudashiru Obasa was nowhere to be seen. The sitting, which focused on key legislative matters and a commendation of President Bola Ahmed Tinubu’s leadership, went on without Obasa, raising eyebrows among lawmakers and political observers alike.

New Speaker Mojisola Meranda presided over the proceedings, ensuring the session ran smoothly. During deliberations, the lawmakers took turns applauding President Tinubu for his strides in governance, particularly his economic and infrastructural policies aimed at revitalizing Lagos and Nigeria as a whole. However, whispers about Obasa’s absence could not be ignored.

Sources within the Assembly remained tight-lipped on the reason for his nonappearance, fueling speculation.

As lawmakers dispersed after the session, the big question lingered where was  Obasa? For now, the mystery remains, but all eyes will be on the next sitting to see if the seasoned politician resurfaces.

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Meet The New 47-year-old Alaafin Of Oyo, Prince Akeem Owoade

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Prince Akeem Owoade is a Nigerian and Canadian entrepreneur, philanthropist, and president of 100279 Manitoba Limited, a  real estate investment and financial services business in Manitoba, Canada.

 

Born 47 years ago to a prominent and royal family of Owoade-Agunloye in Oyo town, Prince Akeem Owoade is one of the surviving children of Pa Rasaki Ibiyosi Owoade, the descendant of Aremo Aderounmu Iyanda Owoade, Agure Compound, Oyo town in Oyo State, Nigeria.

Prince Akeem Owoade completed his secondary school education at Baptist High School, Saki, Oyo State, Nigeria in 1992. His father worked for Oyo North Agricultural Development Programme (ONADEP) helping Oke-Ogun community in boosting agricultural productivity.

aking an early interest in engineering, Prince AkeemOwoade began his engineering studies by completing his National Diploma and Higher National Diploma in Mechanical Engineering from ‘The Federal Polytechnic, Ilaro, Ogun State (1994 to 1997) and The Polytechnic, Ibadan (1999 to 2001), Oyo State. Nigeria respectively. He did his NYSC with Nigeria Gas Company as Mechanical Intern/Planner in 2002.After the completion of his NYSC, he worked with Oceanic Bank International Plc. in Warri as a teller. (2003 to 2004).

Prince Akeem Owoade decided to further his education in the United Kingdom where he attended University of Sunderland (2008) and Northumbria University (2012)

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Panic As Governor’s Official Car Got Stolen

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Confusion and fear was the order of the day at one of the Government houses in the Southwest some days ago when one of the official vehicles of the Governor, a bullet-proof jeep allegedly disappeared from the garage.

The SUV which is said to be one of the three bullet-proof vehicles being used for the Governor’s official assignment was discovered missing.

The Governor who was out of the country on a short, rest leave was claimed to have been disturbed when he was alerted.

Sources claimed it wasn’t the first time things would get missing at the Governor’s private residence.

‘There had been series of thefts, ranging from missing cash, phones and other expensive items, it’s usually swept under the carpet. Indiscipline is the order of the day here’, a source confirmed this to papermacheonline.

The State Governor, a quiet individual who is spending his second time in office was said to have been disturbed by the occurrence that he had to cut short his leave and return home. One of his closest aides was also kidnapped recently.

 

 

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