Prudential Zenith Life Insurance PAT up 18% full year

Underwriting firm, Prudential Zenith Life Insurance Limited (PZL) has reported 18 percent increase in profit after taxes (PAT) for the year ended December 31, 2022.

The reported financial growth comes just a month after PZL celebrated 175 years with Prudential Plc and the parent company’s eight Prudential Plc subsidiaries in Africa.

Audited financial results for the review period indicates 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 company said.

During the period, PZL registered 18 percent growth in profit after tax, amounting to N1.33 billion, compared to N1.131 billion in the same period in 2021, even as top-line Gross Written Premium declined by 15 PERCENT to N6.39 billion, compared to N7.5 billion in 2021.

Underwriting costs were effectively managed, resulting in an 8 percent 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. Shareholder equity grew by N1.34 billion (11 percnt) between 2022 and 2021, reflecting an increase in retained earnings.

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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 now, having 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.

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

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 he noted 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.