Prudential Zenith Life Insurance coverage Restricted (“PZL”) has introduced its audited monetary outcomes for the yr ended thirty first December 2021, recording a 75% development in revenue after tax (PAT) of ₦1.13b in comparison with the ₦646m recorded within the corresponding interval in 2020.
The outcomes, which was permitted by the Board of Administrators of Prudential Zenith and the insurance coverage business regulator, the Nationwide Insurance coverage Fee (NAICOM), reveals that Gross Written Premium (GWP) and Annualized Premium Equal (APE) grew yr on yr by 16.3% and 9.3% respectively. This was primarily pushed by 27% development in new enterprise acquisition for Group Life written through the interval.
Funding earnings grew by 30% year-on-year as a consequence of a major enhance within the interest-generating belongings of the corporate, and fee earnings additionally elevated by 43% through the interval.
The monetary efficiency is a testomony to the continued deal with investments, as the corporate stays dedicated to constructing a powerful market-leading place in Nigeria by enhancing its capabilities, strengthening its digitally enabled multi-channel distribution community, and broadening the vary of services and products which are out there to clients to be able to meet their wants.
Regardless of the challenges skilled through the Covid-19 pandemic in 2020, Prudential Zenith was capable of obtain this sturdy development in 2021 and is poised to proceed bettering its efficiency within the upcoming monetary years.
Prudential Zenith will proceed to develop and launch distinctive merchandise to satisfy clients’ wants, leveraging know-how and its core company governance construction to ship quicker claims settlement. The corporate may also proceed to prioritize the well being, security, and welfare of shoppers, who subscribe to its distinctive insurance coverage product choices.
Prudential Zenith Life Insurance coverage Ltd (PZL) is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51% holding in Zenith Life Insurance coverage.