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Focus on investment, digital optimisation lift PZL’s profit by 75%

By Helen Oji
20 September 2022   |   3:56 am
Amid harsh operating environment, Prudential Zenith Life Insurance Limited (PZL) has recorded a Profit After Tax (PAT) of ₦1.13 billion against ₦646 million achieved in the corresponding period in 2020.

Amid harsh operating environment, Prudential Zenith Life Insurance Limited (PZL) has recorded a Profit After Tax (PAT) of ₦1.13 billion against ₦646 million achieved in the corresponding period in 2020.

Specifically, the firm’s audited financial results for the year ended 31st December 2021 showed 75 per cent rise in PAT to ₦1.13 billion compared to the ₦646 million recorded in the corresponding period in 2020.

Its Gross Written Premium (GWP) and Annualised Premium Equivalent (APE) grew by 16.3 per cent and 9.3 per cent respectively driven by 27 per cent growth in new business acquisition for Group Life written during the period.

Furthermore, the company’s investment income grew by 30 per cent year-on-year due to a significant increase in the interest-generating assets of the company while the commission income also increased by 43 per cent during the period.

According to the company, 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.

It assured stakeholders that the company would 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 prioritise the health, safety, and welfare of customers that subscribe to its unique insurance product offerings.