Prudential Zenith Life Insurance Records 75% Growth In Profit After Tax IN Year 2021 Results
Prudential Zenith Life Insurance Limited (“PZL”) has announced its audited financial results for the year ended December 31, 2021, recording a 75 percent growth in Profit After Tax (PAT) of ₦1.13 billion, compared to the ₦646 million, recorded in the corresponding period in 2020.
The results, according to Ayoola Kushimo of Zenith Bank’s Corporate Communication, 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 percent and 9.3 percent respectively. This was primarily driven by 27 percent growth in new business acquisition for Group Life written during the period.
Investment income grew by 30 percent year-on-year, due to a significant increase in the interest-generating assets of the company, and commission income also increased by 43 percent 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.
The insurance form, PZL, is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51 percent holding in Zenith Life Insurance, which 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.
The insurance company 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.