Prudential Zenith Life Insurance Limited (PZL) has announced its audited financial results for the year ended 31st December 2021.
The report approved by the board of directors of PLZ and the National Insurance Commission (NAICOM), showed that the company recorded a 75 per cent growth in profit after tax (PAT) of ₦1.13 billion compared to ₦646 million in 2020.
The financial report also showed that gross written premium (GWP) and annualised premium equivalent (APE) grew year-on-year by 16.3 per cent and 9.3 per cent respectively.
Investment income grew by 30 per cent year-on-year due to a significant increase in the interest-generating assets of the company, and commission income also increased by 43 per cent during the period.
“The financial performance is a testament to the continued focus on investments, as the company remains committed to building a strong market-leading position in Nigeria by enhancing its capabilities, strengthening its digitally enabled multi-channel distribution network, and broadening the range of products and services that are available to customers in order to meet their needs.
“Despite the challenges experienced during the Covid-19 pandemic in 2020, Prudential Zenith was able to achieve this strong growth in 2021 and is poised to continue improving its performance in the upcoming financial years.
“Prudential Zenith will continue to develop and launch unique products to meet customers’ needs, leveraging technology and its core corporate governance structure to deliver faster claims settlement.
“The company will also continue to prioritize the health, safety, and welfare of customers, who subscribe to its unique insurance product offerings,” PZL said in a statement.
