Prudential Zenith Life Insurance Limited (“PZL”) has announced its audited financial results for
the year ended 31 st 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.
