Prudential Zenith Life Insurance Limited (“PZL”) has announced its audited financial results for the year ended 31st December 2021, recording a 75% growth in profit after tax (PAT) of ₦1.13 billion.
It is far higher than the previous year 2020, which stood
ate ₦646m profit after tax.
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.
0 comments:
Post a Comment