UK’s Prudential becomes majority investor in Zenith Life Assurance

Prudential Plc, one of the world oldest and largest insurers, has acquired majority equity stake in Zenith Life Assurance Limited as the United Kingdom’s multi-national seeks to deepen its African businesses.

Prudential acquired the majority stake in Zenith Life in July 2017. Prudential’s entry into Nigeria, Africa’s largest economy, with a population of over 180 million, demonstrates its commitment to Africa following the launch of businesses in Ghana and Kenya in 2014, in Uganda in 2015 and Zambia in 2016.

Zenith Life, incorporated in Nigeria 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 was founded 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 14 markets in Asia.

Managing Director, Zenith Life Assurance Limited, Chuks Igumbor, who confirmed the acquisition of the majority equity stake while hosting the August edition of the Nigerian Council of Registered Insurance Brokers (NCRIB) Member’s evening, said the business combination will lead to improvements in the perform-ance of Zenith Life.

“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,” Igumbor said.

President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Okunoren, praised 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.

Prudential Plc is incorporated in England and Wales and is listed on the stock exchanges inLondon, Hong Kong, Singapore and New York. Prudential Plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.

Zenith Life was incorporated in 2001. At the end of 2016, it had N6.6 billion of assets under management and gross written premium of N3.3 billion.

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