Prudential Zenith Life Insurance Company Limited today announced its National Insurance Commission (NAICOM) approved audited financial results for 2024, showcasing exceptional financial strength with a ₦19.3 billion surplus above the new regulatory capital requirement.
Bolstered by a 21% surge in profit after tax to ₦7.4 billion and a 29.5% expansion in total assets to ₦82.0 billion, Prudential Zenith Life solidified its position as a leader in Nigeria’s insurance sector.
2024 Financial Highlights Profit After Tax (PAT) increased 21% to ₦7.4 billion (2023: ₦6.1 billion), reflecting robust operational performance, while Total Assets grew 29.5% to ₦82.0 billion (2023: ₦63.2 billion), driven by a 29.6% rise in financial assets.
Shareholders’ Equity rose 32.2% to ₦30.5 billion (2023 ₦23.1 billion), fueled by a 51.8% increase in retained earnings to ₦19.5 billion.
Solvency Margin strengthened by 28.3% to ₦29.3 billion, achieving a ₦19.3 billion surplus over the ₦10 billion regulatory minimum effective July 31, 2025, whilst Insurance Contract Liabilities expanded by 29.7%, comprising 95.4% of total liabilities, underscoring Prudential Zenith Life’s growing underwriting capacity and customer base.
These results highlight Prudential Zenith Life’s strategic focus on financial discipline, prudent investment, and customer-centric growth, positioning the company for sustained success in a dynamic market.
Ms. Funmi Omo, Chief Executive Officer of Prudential Zenith Life, commented: “Our 2024 performance is a testament to our unwavering commitment to excellence. Achieving a 21% profit increase while maintaining a capital surplus nearly double the regulatory requirement demonstrates our financial resilience and strategic foresight.
The ₦19.3 billion buffer from the original shareholders’ funds of ₦29.3 empowers us to innovate, expand, and deliver unparalleled value to our customers and shareholders as we embark on the next phase of growth.
Prudential Zenith Life’s robust financial health reinforces its mission to secure the future of its customers through innovative insurance solutions. The company’s expanded capital base provides strategic flexibility to enhance product offerings, invest in technology, and drive long?term value
