Prudential Zenith Life Insurance Grows Profit by 75%
Prudential Zenith Life Insurance Limited 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 compared to the ₦646 million recorded in the corresponding period in 2020.
The results, which were approved by the insurer’s Board of Directors and the insurance industry regulator, the National Insurance Commission, show that gross written premium and annualized premium equivalent grew year on year by 16.3% and 9.3% respectively.
The surge was primarily driven by 27% growth in new business acquisition for Group Life written during the period, according to the management.
Detail from the result shows that 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.
In a statement, the company said the financial performance is a testament to the continued focus on investments, said the insurer remains committed to building a strong market-leading position in Nigeria
Prudential Zenith seeks to enhance 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, the life insurance company 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 insurer will also continue to prioritize the health, safety, and welfare of customers, who subscribe to its unique insurance product offerings. READ: Prudential Zenith Life Beats Recapitalisation Requirement, Says MD
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. #Prudential Zenith Life Insurance Grows Profit by 75%