Prudential Zenith Life Insurance Limited has recorded N1.13 billion profit after tax (PAT) in its full year audited financial results for the year ended December 31, 2021.
This represents 75 per cent growth PAT compared to N646 million it recorded in the corresponding period in 2020 .
The results, approved by the Board of Directors of Prudential Zenith and the insurance industry regulator, the National Insurance Commission (NAICOM), showed that Gross Written Premium (GWP) and Annualized Premium Equivalent (APE) grew year-on- year by 16.3 per cent and 9.3 per cent respectively. This was primarily driven by 27 per cent growth in new business acquisition for Group Life written during the period.
Investment income grew by 30 per cent year-on-year due to a significant increase in the interest-generating assets of the company, while commission income also rose by 43 per cent during the coverage period.
In a statement, the company said the financial performance was a testament to its continued focus on investments, and commitment to building a strong market-leading position in Nigeria.
It reiterated its commitment to enhancing capabilities, strengthening digitally enabled multi-channel distribution network, and broadening range of products and services available to customers in order to meet their needs.
Despite the challenges experienced during the Covid-19 pandemic in 2020, Prudential Zenith was able to achieve this strong growth in 2021 and is poised to continue improving its performance in the upcoming financial years.
“Prudential Zenith will continue to develop and launch unique products to meet customers’ needs, leveraging technology and its core corporate governance structure to deliver faster claims settlement. The company will also continue to prioritize the health, safety, and welfare of customers, who subscribe to its unique insurance product offerings,” the company said.
Prudential Zenith Life Insurance Ltd (PZL) is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51 per cent holding in Zenith Life Insurance. PZL is one of the most capitalized companies in the Nigerian insurance industry with a wide range of individual products including savings & investments-linked products, endowment, and protection products designed to meet the needs of individuals and their families. For corporate clients, the company’s product offerings include Group Life, Key-Man Assurance, Credit Life, School Fees Protection, and Mortgage Protection, ensuring that the welfare of clients’ staff and families are met.
It provides life and health insurance, and asset management in Africa and Asia, helping people get the most out of life by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. It has more than 19 million life customers and is listed on stock exchanges in London (PRU), Hong Kong (2378), Singapore (K6S), and New York (PUK).
Prudential Plc has insurance operations in eight countries in Africa: Nigeria, Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo Uganda, and Zambia. With over one million customers, Prudential Africa works with over 11,000 agents and six exclusive bank partnerships, with access to over 600 branches to bring value-added insurance solutions to its customers.