September 20, (THEWILL) – Prudential Zenith Life Insurance Limited (PZL) has announced its audited financial results for the year ended 31st December, 2021, recording a 75% growth in profit after tax (PAT) of N1.13b compared to the N646 million recorded in the corresponding period in 2020.
The results, which were approved by the Board of Directors of Prudential Zenith and the insurance industry regulator, the National Insurance Commission (NAICOM), show that Gross Written Premium (GWP) and Annualised Premium Equivalent (APE), grew year on year by 16.3% and 9.3% respectively.
According to a statement, this was primarily driven by 27% growth in new business acquisition for Group Life written during the period.
It also showed that its 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 statement added that “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 prioritise 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. PZL is one of the most capitalised 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. For corporate clients, the company’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.”