Bank
PRUDENTIAL ZENITH LIFE INSURANCE RECORDS 75% GROWTH IN PROFIT AFTER TAX IN FULL YEAR 2021 RESULTS
PRUDENTIAL ZENITH LIFE INSURANCE RECORDS 75% GROWTH IN PROFIT AFTER TAX IN FULL YEAR 2021 RESULTS
Prudential Zenith Life Insurance Limited (“PZL”) has announced its audited financial results for the year ended 31st December 2021, recording a 75% growth in profit after tax (PAT) of ₦1.13b compared to the ₦646m recorded in the corresponding period in 2020.
The results, which was approved by the Board of Directors of Prudential Zenith and the insurance industry regulator, the National Insurance Commission (NAICOM), shows that Gross Written Premium (GWP) and Annualized Premium Equivalent (APE) grew year on year by 16.3% and 9.3% respectively. This was primarily driven by 27% growth in new business acquisition for Group Life written during the period.
Investment income grew by 30% year-on-year due to a significant increase in the interest-generating assets of the company, and commission income also increased by 43% 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.
Prudential Zenith Life Insurance Ltd (PZL) is a subsidiary of Prudential Plc., established in 2017 when Prudential Plc acquired a 51% holding in Zenith Life Insurance. PZL is one of the most capitalized companies in the Nigerian insurance industry with a wide range of individual products including savings & investments-linked products, endowment, and protection products designed to meet the needs of individuals and their families. For corporate clients, the company’s product offerings include Group Life, Key-Man Assurance, Credit Life, School Fees Protection, and Mortgage Protection, ensuring that the welfare of clients’ staff and families are met.
Prudential Plc provides life and health insurance, and asset management in Africa and Asia, helping people get the most out of life by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. It has more than 19 million life customers and is listed on stock exchanges in London (PRU), Hong Kong (2378), Singapore (K6S), and New York (PUK).
Prudential Plc has insurance operations in eight countries in Africa: Nigeria, Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo Uganda, and Zambia. With over 1 million customers, Prudential Africa works with over 11,000 agents and six exclusive bank partnerships, with access to over 600 branches to bring value-added insurance solutions to its customers.
Bank
Dr. Olufemi Bakre of Parallex Bank Honoured as “Africa’s Most Respected CEO in Personal Banking” at the Africa’s Most Respected CEOs Awards
Dr. Olufemi Bakre of Parallex Bank Honoured as “Africa’s Most Respected CEO in Personal Banking” at the Africa’s Most Respected CEOs Awards
Sahara Weekly Reports That In recognition of outstanding leadership and innovation, Dr. Olufemi Bakre, Managing Director and Chief Executive Officer of Parallex Bank Limited has been honored as the “Most Respected CEO in Personal Banking” at Africa’s Most Respected CEOs Awards.
This prestigious accolade was presented by H.E. Ambassador Demeke Atnafu, Ethiopian Ambassador to Kenya, during a recent gala organized by The Business Executive, underscoring the significance of the event in celebrating exemplary leadership across the continent.
Dr. Bakre’s appointment as MD/CEO in January 2021 marked a transformative era for Parallex Bank, where he has consistently demonstrated a natural drive for excellence and a proactive approach to personal banking. Under his stewardship, the bank has focused on delivering exceptional customer experiences and innovative banking solutions, solidifying its reputation as an emerging leader in the financial sector.
Reflecting on the honor, Dr. Bakre expressed his gratitude, stating, “I am honored to be recognized as Africa’s Most Respected CEO in Personal Banking. This recognition is not just mine but also belongs to the dedicated team at Parallex Bank. Together, we have pushed the boundaries of what is possible in banking, and we will continue to strive for excellence and innovation.”
The Africa’s Most Respected CEOs Awards is a renowned and highly credible platform that honors business leaders across the continent who set the standard for corporate governance, excellence, and integrity.
Previous recipients include notable figures such as Strive Masiyiwa of Econet Wireless, Kola Adesina of Egbin Power, and Dr. Akinwumi Adesina, President of the African Development Bank. Their achievements further elevate the prestige of the awards, reinforcing Dr. Bakre’s standing among Africa’s elite business leaders.
These awards not only honor individual excellence but also promote a culture of accountability and responsibility in leadership, inspiring future generations of CEOs.
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