Prudential Zenith Life Insurance Grows Profit By 18% To ₦1.33bn in 2022 As Prudential PLC Celebrates 175 Years
Prudential Zenith Life Insurance Limited (PZL) has reported 18% increase in profit after taxes (PAT) for the year ended December 31, 2022. The reported financial growth comes just a month after PZL celebrated 175 years with Prudential PLC and the parent company’s eight Prudential Plc subsidiaries in Africa.
Audited financial results for the year ended December 31, 2022, which were approved by PZL’s Board and regulator, National Insurance Commission (NAICOM), indicate that the impressive growth was achieved despite a challenging business environment, characterized by rising inflation, a deteriorating foreign exchange position, and temporary cash shortages.
During the period, PZL registered 18% 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% to ₦6.39 billion, compared to ₦7.5 billion in 2021.
Underwriting costs were effectively managed, resulting in an 8% growth in underwriting profit while investment income grew by 28% year-on-year, due to a substantial increase in the company’s interest-generating assets. Shareholder equity grew by N1.34 billion (11%) between 2022 and 2021, reflecting an increase in retained earnings.
PZL remains committed to prioritizing the health, safety, and welfare of Nigerians, a commitment that its parent company, Prudential Plc, has held true for over a century and now celebrated its 175 years anniversary.
The 175-year milestone not only signifies Prudential’s rich heritage and enduring success but also exemplifies 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 empower individuals and businesses to achieve financial security and prosperity.
During celebrations to mark 175 years, which were conducted on May 30 across eight Prudential African operations, Mr. Chuks Igumbor, the PLZ managing director, thanked customers and staff, emphasizing 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, PZL remains committed to, providing innovative insurance solutions, transforming countless lives in Nigeria, and empowering individuals, and businesses to achieve financial security and prosperity.
About Prudential plc
Prudential plc is a leading provider of life and health insurance as well as asset management services in 24 markets across Asia and Africa. With a mission to enable people to 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. It is a constituent of the Hang Seng Composite Index and is included for trading in the Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect programs. Prudential is not affiliated with Prudential Financial, Inc., a company based in the United States of America, or The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United.
About Prudential Zenith Life
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% stake in Zenith Life Insurance, leading to the formation of Prudential Zenith Life Insurance Ltd.
Today, Prudential Zenith Life serves a diverse range of corporate and individual clients from various business sectors. Our 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, we offer 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 organizations. 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.
