Prudential Zenith Life Insurance Limited (“PZL”) has announced its audited financial results for the year ended 31st December 2021, recording a 75% growth in profit after tax (PAT) of ₦1.13b compared to the ₦646m recorded in the corresponding period in 2020.
The results, which was approved by the Board of Directors of Prudential Zenith and the insurance industry regulator, the National Insurance Commission (NAICOM), shows that Gross Written Premium (GWP) and Annualized Premium Equivalent (APE) grew year on year by 16.3% and 9.3% respectively. This was primarily driven by 27% growth in new business acquisition for Group Life written during the period.
Investment income grew by 30%
year-on-year due to a significant increase in the interest-generating assets of
the company, and commission income also increased by 43% during the period.
The financial performance is a testament to the continued
focus on investments, as the company remains committed to building a strong
market-leading position in Nigeria by enhancing its capabilities, strengthening
its digitally enabled multi-channel distribution network, and broadening the
range of products and services that are 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.
Prudential Zenith Life Insurance Ltd (PZL) is a subsidiary of Prudential Plc., established
in 2017 when Prudential Plc acquired
a 51% 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.
Prudential
Plc 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 1 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.
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