Prudential Zenith grows profit by 18% in 2022

Prudential Zenith Life Insurance Ltd. (PZL) says it has recorded a profit after tax of N1.33 billion for the year ended Dec. 31, 2022.

The figure represented 18 per cent increase when compared to N1.131 billion recorded in 2021.

The company said this in a statement signed by Mr Bob Ononu, Head, Corporate Communications, PZL and made available on Friday in Lagos.

Ononu said that the company’s audited financial results for the year under review were approved by PZL’s Board and the National Insurance Commission (NAICOM).

He stated that the result indicated that the firm achieved an impressive growth, despite a challenging business environment, characterised by rising inflation, deteriorating foreign exchange position and temporary cash shortages.

He noted that the reported financial growth was released one month after PZL celebrated 175 years with Prudential Plc. and the parent company’s eight Prudential Plc’s subsidiaries in Africa.

The company’s spokesperson stated that its top-line Gross Written Premium (GWP) declined by 15 per cent to N6.39 billion, compared to N7.5 billion in 2021.

He said the insurers underwriting costs were effectively managed, resulting in an eight per cent growth in underwriting profit while investment income grew by 28 per cent year-on-year.

According to him, the growth was due to a substantial increase in the company’s interest-generating assets.

Ononu said that the shareholders equity grew by 11 per cent to N1.34 billion, between 2022 and 2021, reflecting an increase in retained earnings.

“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.

“Prudential has over the years transformed countless lives through innovative insurance solutions that empower individuals and businesses to achieve financial security and prosperity,” he said.

Comenting on the insurer’s 175 years celebration, Mr Chuks Igumbor, Managing Director, PZL, appreciated its customers and staff, while urging them to always uphold the firm’s core values and strive to help customers get the best of life.

Prudential Plc is a leading provider of life and health insurance, as well as asset management services in 24 markets across Asia and Africa.

The insurance company promotes financial inclusion and ensures healthcare affordability and accessibility, protects individuals’ wealth, helps them grow their assets, and empowers them to save for their goals.