Prudential Zenith Life Insurance coverage Restricted (“PZL”) has introduced its audited monetary outcomes for the yr ended thirty first December 2021, recording a 75 per cent progress in revenue after tax (PAT) of N1.13billion in comparison with the M646million recorded within the corresponding interval in 2020.
The outcomes, which was accredited by the Board of Administrators of Prudential Zenith and the insurance coverage business regulator, the Nationwide Insurance coverage Fee (NAICOM), reveals that Gross Written Premium (GWP) and Annualized Premium Equal (APE) grew yr on yr by 16.3 per cent and 9.3 per cent respectively. This was primarily pushed by 27 per cent progress in new enterprise acquisition for Group Life written throughout the interval.
Funding revenue grew by 30 per cent year-on-year attributable to a big enhance within the interest-generating belongings of the corporate, and fee revenue additionally elevated by 43 per cent throughout the interval.
The monetary efficiency is a testomony to the continued give attention to investments, as the corporate stays dedicated to constructing a robust market-leading place in Nigeria by enhancing its capabilities, strengthening its digitally enabled multi-channel distribution community, and broadening the vary of services and products which can be obtainable to clients with the intention to meet their wants.
Regardless of the challenges skilled throughout the Covid-19 pandemic in 2020, Prudential Zenith was capable of obtain this sturdy progress in 2021 and is poised to proceed enhancing its efficiency within the upcoming monetary years. Prudential Zenith will proceed to develop and launch distinctive merchandise to satisfy clients’ wants, leveraging know-how and its core company governance construction to ship quicker claims settlement. The corporate may also proceed to prioritise the well being, security, and welfare of shoppers, who subscribe to its distinctive insurance coverage product choices.
Prudential Zenith Life Insurance coverage Ltd (PZL) is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51 per cent holding in Zenith Life Insurance coverage. PZL is among the most capitalised corporations within the Nigerian insurance coverage business with a variety of particular person merchandise together with financial savings & investments-linked merchandise, endowment, and safety merchandise designed to satisfy the wants of people and their households. For company shoppers, the corporate’s product choices embody Group Life, Key-Man Assurance, Credit score Life, Faculty Charges Safety, and Mortgage Safety, guaranteeing that the welfare of shoppers’ workers and households are met.
Prudential Plc supplies life and medical health insurance, and asset administration in Africa and Asia, serving to folks get essentially the most out of life by making healthcare inexpensive and accessible and by selling monetary inclusion. Prudential protects folks’s wealth, helps them develop their belongings, and empowers them to save lots of for his or her objectives. It has greater than 19 million life clients and is listed on inventory exchanges in London (PRU), Hong Kong (2378), Singapore (K6S), and New York (PUK).