Prudential Zenith Life Surpasses Insurance Industry Regulator’s New minimum Capital Requirement

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The Insurance industry regulator, National Insurance Commission (NAICOM) in order to enhance insurance operating standard of the sector further decided to set N4 billion as new minimum capital requirement for the industry with adjusted deadline to December 31, 2020.  Prudential Zenith Life Insurance as one key operator in the sector positioned to boost its operations capabability in the insurance business further has raised its authorised share capi­tal to N5 billion, even before the regulatory deadline thereby surpassed the set new minimum capital requirement of N4billion by NAICOM

Speaking on the company’s recapitalisation achievement, the Managing Director/Chief Executive Officer of the company, Chuks Igum­bor, said: “We have met and exceeded the minimum requirement set by NAICOM and we are positioned to meet the additional capital requirement ahead of the September 30, 2021 deadline.

“This seamless recapitalisation effort was hinged on the enor­mous financial strength and support from key shareholders. With this, the firm is poised to emerge stronger with greater capacity to serve our esteemed customers and continue to grow the business.”

Prudential Zenith Life In­surance Limited is part of Prudential Plc, one of the oldest and most capitalised life insurance companies in the world.

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