By Cynthia Alo
Prudential Zenith Life Insurance Limited (“PZL”) has recorded a 75 percent growth in profit after tax (PAT) of ¦ 1.13billion in 2021 against ¦ 646million recorded in the corresponding period in 2020.
In a statement made available to Vanguard, the underwriter noted that the result which has been approved by 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 percent and 9.3 percent respectively.
According to the firm, the growth was primarily driven by 27 percent growth in new business acquisitions for Group Life written during the period.
The result further shows that investment income grew by 30 percent year-on-year due to a significant increase in the interest-generating assets of the company, and commission income also increased by 43 percent during the period.
The firm said, “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.