….. PAT Soars By 75% To ₦1.13b
Prudential Zenith Life Insurance (PZL) Limited in statement contained in its audited financial results for the year ended 31st December 2021, disclosed that It 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.
According to the statement the company recorded a 75% growth in profit after tax (PAT) of ₦1.13b compared to the ₦646m recorded in the corresponding period in 2020.
The results, which was approved by the Board of Directors of Prudential Zenith and 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% and 9.3% respectively.
This was primarily driven by 27% growth in new business acquisition 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.
A statement from the insurer 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.
The statement bread in part, “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.
The Prudential Zenith reiterated that it 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.
PZL is one of the most capitalized 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.
“Prudential Plc provides life and health insurance, and asset management in Africa and Asia, helping people get the most out of life by making healthcare affordable and accessible and by promoting financial inclusion.
Prudential Zenith Life Insurance Ltd is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51% holding in Zenith Life Insurance.