Prudential Zenith Life Redefining Life Insurance Business In Nigeria
Prudential Zenith Life Insurance Limited (PZL), one of the leading life insurance companies in Nigeria, is making giant strides, revolutionizing the life insurance sector through cutting-edge technology, innovative products, and excellent customer service delivery.
PZL is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51% holding in Zenith Life Insurance
Indeed, Prudential Zenith Life Insurance is working assiduously towards meeting its objective of redefining the Nigerian insurance sector by providing a range of affordable life insurance products designed to meet the protection and savings needs of Nigerian consumers.
Building on the existing strength of Zenith Life, which is one of the fastest growing life insurance companies in Nigeria, with a gross written premium of N3.6 billion at the end of 2017, Prudential Life also formed an exclusive Bancassurance partnership with Zenith Bank in Nigeria and Ghana to drive its operations.
Prudential Zenith Life Insurance Limited, since its commencement of operations, has remained consistent and committed to delivering its mandates of meeting customers’ expectations through the introduction of new products as the first step in enabling it to become a one-stop shop for all insurance solutions.
In May 2018, following the launch of Prudential Zenith’s bancassurance business which has enabled customers of Zenith Bank to purchase life insurance products in over 60 branches in Lagos State, the company launched a suite of new life insurance products. The new products included: My Savings Plan and My Family Protection Plan.
My Savings Plan, according to the company, was designed to help customers meet their long-term savings needs, while ‘My Family Protection Plan’ provides peace of mind to customers and their loved ones by paying a lump sum on the death of the policyholder.
Meanwhile, the Company, in its audited financial results for the year ended 31st December 2021, recorded a 75% growth in profit after tax (PAT) of ₦1.13 billion 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), show 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 acquisitions 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.
PZL is one of the most capitalized companies in the Nigerian insurance industry with a wide range of individual products including savings and 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 Zenith Life Insurance one of the leading life insurance Companies in Nigeria has a robust and experienced management team led by a seasoned insurance professional, Chunks Igumbor as Managing Director/Chief Executive Officer. Other members of the management team are Isioma Olowu, Chief Commercial Officer; Dr. Ifeoma Oragwu, Head, Corporate Marketing; Eshiebor Clement, Head, Technical Operations; Michael Adunabua, Regional Sales Manager, Bancassurance; Raymond Obaji, Head, Operational Risk & Security.
The Company also boasts of a very strong board made up of renowned and seasoned businessmen and women and chaired by a business mogul, Jim Ovia.
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 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.
