…Celebrates 175 Years
By Henry Uche
Prudential Zenith Life Insurance Limited (PZL) has reported 18% increase in profit after taxes (PAT) to ₦1.33bn for the year ended December 31, 2022, compared to ₦1.131bn in the same period in 2021.
A statement delivered by the company shows that its Gross Written Premium declined by 15% to ₦6.39bn compared to ₦7.5bn in 2021.
The reported financial growth comes just a month after the PZL celebrated 175 years with Prudential PLC and the parent company’s eight Prudential Plc subsidiaries in Africa.
Audited financial results for the year ended December 31, 2022, which were approved by PZL’s Board and regulator, National Insurance Commission (NAICOM), indicated that the impressive growth was achieved despite a challenging business environment, characterized by rising inflation,
a deteriorating foreign exchange position, and temporary cash shortages.
The insurer maintained that its underwriting costs were effectively managed, resulting in an 8% growth in underwriting profit while investment income grew by 28% year-on-year, due to a substantial increase in the company’s interest-generating assets. Shareholders’ equity grew by N1.34bn (11%) between 2022 and 2021, reflecting an increase in retained earnings.
“//PZL remains committed to prioritizing health, safety, and welfare of Nigerians. A commitment that its parent company, Prudential Plc, has held true for over century and now celebrated its 175 years’ anniversary.
“The 175-year milestone not only signifies Prudential’s rich heritage and enduring success, but also exemplifies the company’s commitment to continuous evolution and meeting the ever-changing needs of customers”
The statement added that it has over the years transformed countless lives through innovative insurance solutions that empower individuals and businesses to achieve financial security and prosperity.
During celebrations to mark 175 years, which were conducted on May 30 across eight Prudential African operations, Mr. Chuks Igumbor, the PLZ managing director, thanked customers and staff, emphasizing the importance of upholding Prudential’s core values as well as always striving to help customers get the most out of life.
The celebrations sought to pay homage to Prudential’s remarkable legacy and gratitude to valued customers, dedicated employees, and supportive partners, who have contributed to the company’s success over the years.
“Despite the constantly changing economic landscape, PZL remains committed to providing innovative insurance solutions, transforming countless lives in Nigeria, and empowering individuals and businesses to achieving financial security and prosperity” the statement affirmed.