Zenith Life Assurance Limited while hosting last month’s edition of the Nigerian Council of Registered Insurance Brokers (“NCRIB”) Member’s evening has introduced its new majority shareholder, Prudential Plc to the broker community.
Prudential’s entry into Nigeria, Africa’s largest economy, with a population of over 180 million, is seen as a demonstration of its commitment to Africa following the launch of businesses in Ghana and Kenya in 2014, in Uganda in 2015 and Zambia in 2016. Prudential Plc, one of the oldest and capitalised life insurance companies in the world acquired a majority stake in Zenith Life of Nigeria in July 2017.
“Zenith Life is proud to be part of an international brand and is looking to deepen insurance penetration in Nigeria by continuing its existing relationship with the broker community whilst also launching its retail proposition,” said Chuks Igumbor, managing director of Zenith Life, in a statement.
Kayode Okunoren, NCRIB president, commended Zenith Life for the level of service that it has displayed in its dealings with brokers to date and looked forward to working with the stronger entity.
Zenith Life, incorporated in 2001, has grown its gross written premium at a compound annual growth rate of 22 per cent over the last five years, making it one of the fastest-growing Life insurance companies in Nigeria.
Prudential on its part was established in London in 1848 and enables families to protect themselves against life’s misfortunes and save for aspirations such as paying for school or university fees. The company has £599 billion of assets under management, 24 million insurance customers and has operations in the UK, the US, Africa and 14markets in Asia.
CALEB OJEWALE
