Prudential Zenith Life Insurance Grows PAT By 18% 

Ebere Nwoji

The Audited financial statement of the company for the year under review which has been approved by the company’s board and regulator, National Insurance Commission (NAICOM), indicates that the growth was achieved despite a challenging business environment, characterised by rising inflation,a deteriorating foreign exchange position, and temporary cash shortages.

The Managing Director of the  company,   Mr. Chuks Igumbor,  said during the period, PZL registered 18 percent growth in profit after tax, amounting to ₦1.33 billion, compared to ₦1.131 billion in the same period in 2021, even as top-line Gross Written Premium declined by 15 percent to ₦6.39 billion, compared to ₦7.5 billion in 2021.

He however said underwriting costs were effectively managed, resulting in an 8 percent growth in underwriting profit while investment income grew by 28 percent year-on-year, due to a substantial increase in the company’s interest-generating assets. Shareholders’ equity grew by N1.34 billion (11%) between 2022 and 2021, reflecting an increase in retained earnings.

He said PZL remained  committed to prioritising  health, safety, and welfare of Nigerians, a commitment that its parent company, Prudential Plc,had held true for over century and now celebrated its 175 years anniversary.

Igunbor, said the  175-year milestone not only signified Prudential’s rich heritage and enduring success,but also exemplified the company’s commitment to continuous evolution and meeting the ever-changing needs of customers.

“Prudential has over the years transformed countless lives through innovative insurance solutions that empowered individuals and businesses to achieve financial security and prosperity” .

He said during the celebrations to mark 175 years, which were conducted on May 30 across eight Prudential African operations, the company appreciated its customers and staff, emphasising the importance of upholding Prudential’s core values as well as always striving to help customers get the most out of life.

“The celebrations sought to pay homage to Prudential’s remarkable legacy and gratitude to valued customers, dedicated employees, and supportive partners, who have contributed to the company’s success over the years.

“Despite the constantly changing economic landscape, PZLremains committedto, providing innovative insurance solutions, transforming countless lives in Nigeria,and empowering individuals,and businesses to achievingfinancial security and prosperity.

The Prudential Life Insurance boss said his company was  a leading provider of life and health insurance as well as asset management services in 24 markets across Asia and Africa. 

He said with a mission to enable people get the most out of life, Prudential promotes financial inclusion and ensures healthcare affordability and accessibility. The company protects individuals’ wealth, helps them grow their assets, and empowers them to save for their goals. Prudential has dual primary listings on the Stock Exchange

of Hong Kong (2378) and the London Stock Exchange (PRU), with additional listings on the Singapore Stock Exchange (K6S) and the New York Stock Exchange (PUK) in the form of American Depositary Receipts. 

Prudential Zenith Life Insurance Limited, formerly known as Zenith Life Insurance, was established in 2006 as a subsidiary of Zenith Bank Plc. In 2017, Prudential Group UK acquired a 51 percent stake in Zenith Life Insurance, leading to the formation of Prudential Zenith Life Insurance Ltd.

Currently, Prudential Zenith Life serves a diverse range of corporate and individual clients from various business sectors. Its  portfolio includes a comprehensive range of Individual Life Insurance Products, such as Savings & Investment, Endowment, and Protection products, tailored to meet the unique needs of individuals and their families. Additionally, it offers Corporate Products, such as Group life, Key-man assurance, Credit Life, and Mortgage Protection, to cater

to the welfare of employees and their families within corporate organisations. Prudential Zenith stands as one of the most capitalized companies in the Nigerian insurance industry, with a resolute goal of helping people get the most out of life.