By Modupe Gbadeyanka
A British insurer, Prudential Plc, has entered into the Nigerian market by purchasing a majority state in a Nigerian firm, Zenith Life, a subsidiary of Zenith Bank, rebranding it to Zenith-Prudential Life Insurance.
Prudential Plc is one of the oldest and most strongly capitalised life insurance companies in the world offering long-term savings and protection products, retirement income solutions and asset management across its markets in Asia, the US, the UK and Africa.
The company, which was founded in London in 1848, has also agreed to exclusive bancassurance partnerships with Zenith Bank Plc.
A statement issued by Prudential on Wednesday explained that the acquisition and bancassurance partnerships will see its entry into the Nigerian insurance industry.
Chief Executive of Prudential Africa, Mr Matt Lilley, stated that, “Prudential’s purpose is to take the worry out of life’s big financial concerns, helping our customers face the future with confidence.
“Today’s announcement is an important milestone for Prudential and our growing portfolio of high-quality life insurance businesses in Africa.
“We are excited by the opportunity of partnering with Zenith Bank, one of the largest and most dynamic banks in Africa, and working with our new colleagues to build Zenith-Prudential into a leader in Nigeria’s growing life insurance industry.”
On his part, Mr Jim Ovia, Founder of Zenith Bank and Zenith Life, remarked that, “This landmark transaction is set to redefine the life insurance industry in Nigeria.
“Given the combination of Zenith Life’s local presence with one of the world’s oldest and most successful life insurers, we expect Zenith-Prudential Life to act as a significant catalyst within the sector.
“We anticipate creating thousands of employment opportunities in Nigeria by embarking on this transformational deal.”
Group Managing Director/CEO of Zenith Bank, Mr Peter Amangbo, commented that, “Zenith Bank has always sought to partner with best-in-class global players.
“By developing a bancassurance offering in conjunction with Zenith-Prudential Life, we will be positioned to offer our clients a greater bouquet of products, enhancing our ability to meet their financial needs.”
In 2014, Prudential began operations in Ghana and Kenya in 2014 and the following year, it entered the Ugandan and Zambia in 2016.
Zenith Bank one of Nigeria’s biggest banks by tier-1 capital, providing corporate, business and personal banking products through its network of over 350 branches, serving over 1.6 million customers.
Zenith Life, incorporated in 2001, has grown its gross written premium at a compound annual growth rate of 22 percent over the last five years, making it one of the fastest-growing life insurance companies in Nigeria.
On its part, Prudential enables families to protect themselves against life’s misfortunes and save for aspirations such as paying for school or university fees.
The company has £599 billion of assets under management, 24 million insurance customers and has operations in the UK, the US, Africa and 14 markets in Asia.
