Prudential Zenith Life Insurance Limited recorded 75 per cent growth in profit after tax of N1.13bn as of the end of 2021 financial period from N646m recorded in the corresponding period in 2020.
The life underwriting firm disclosed this in a statement on its audited financial results for the year ended 31st December 2021.
It stated that the results, which was approved by the board of directors of Prudential Zenith and the insurance industry regulator, the National Insurance Commission, showed that Gross Written Premium and annualised premium equivalent grew year on year by 16.3 per cent and 9.3 per cent respectively.
This was primarily driven by 27 per cent growth in new business acquisition for group life written during the period, it stated.
The statement said 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 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,” the statement said.
Despite the challenges experienced during the COVID-19 pandemic in 2020, Prudential Zenith said it was able to achieve the strong growth in 2021 and would continue improving its performance in the upcoming financial years.
It stated, “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 prioritise the health, safety, and welfare of customers, who subscribe to its unique insurance product offerings.”
Prudential Zenith Life Insurance Ltd is a subsidiary of Prudential Plc, established in 2017 when Prudential Plc acquired a 51 per cent holding in Zenith Life Insurance.
