PRUDENTIAL ZENITH LIFE INSURANCE RECORDS 75% GROWTH IN PROFIT AFTER TAX IN FULL YEAR 2021 RESULTS2 min read
Prudential Zenith Life Insurance Limited (“PZL”) has announced its audited financial results forthe year ended 31st December 2021, recording a 75% growth in profit after tax (PAT) of ₦1.13bcompared to the ₦646m recorded in the corresponding period in 2020. The results, which was approved by the Board of Directors of Prudential Zenith and theinsurance industry regulator, the National Insurance Commission (NAICOM), shows that GrossWritten Premium (GWP) and Annualized Premium Equivalent (APE) grew year on year by16.3% and 9.3% respectively. This was primarily driven by 27% growth in new businessacquisition for Group Life written during the period. 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. The financial performance is a testament to the continued focus on investments, as thecompany remains committed to building a strong market-leading position in Nigeria byenhancing 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 tomeet their needs. Despite the challenges experienced during the Covid-19 pandemic in 2020, Prudential Zenithwas able to achieve this strong growth in 2021 and is poised to continue improving itsperformance in the upcoming financial years. Prudential Zenith will continue to develop andlaunch unique products to meet customers’ needs, leveraging technology and its core corporategovernance structure to deliver faster claims settlement. The company will also continue toprioritize the health, safety, and welfare of customers, who subscribe to its unique insuranceproduct offerings.Prudential Zenith Life Insurance Ltd (PZL) is a subsidiary of Prudential Plc., established in 2017when Prudential Plc acquired a 51% holding in Zenith Life Insurance. PZL is one of the mostcapitalized companies in the Nigerian insurance industry with a wide range of individualproducts including savings & investments-linked products, endowment, and protection productsdesigned to meet the needs of individuals and their families. For corporate clients, thecompany’s product offerings include Group Life, Key-Man Assurance, Credit Life, School Fees Protection, and Mortgage Protection, ensuring that the welfare of clients’ staff and families are met.