By Aduragbemi Omiyale
One of the leading insurers in Nigeria, Prudential Zenith Life Insurance Limited, has again impressed with a 75 per cent growth in its pre-tax profit for the 2021 financial year.
According to the results, the profit after tax increased to N1.13 billion from the N646 million achieved in the same period of last year.
Prudential Zenith Life Insurance is a subsidiary of Prudential Plc, established in 2017 when Prudential Plc acquired a 51 per cent holding in Zenith Life Insurance.
It 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.
Last year, the underwriting firm recorded an impressive performance, which resulted in its higher net profit.
In the year under review, Prudential Zenith Life Insurance improved its Gross Written Premium (GWP) and Annualized Premium Equivalent (APE) year-on-year by 16.3 per cent and 9.3 per cent, respectively, mainly driven by 27 per cent growth in new business acquisition for Group Life written during the period.
Investment income grew by 30 per cent year-on-year due to a significant increase in the interest-generating assets of the company, and commission income also increased by 43 per cent during the period.
The financial performance is a testament to the continued focus on investments, as the company remains committed to building a solid 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 to meet their needs.
Despite the challenges experienced during the COVID-19 pandemic in 2020, Prudential Zenith achieved 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 prioritising the health, safety, and welfare of customers who subscribe to its unique insurance product offerings.
