2021 Results: Prudential Zenith Life Insurance Records 75% PAT Growth

<h4>2021 Results&colon; Prudential Zenith Life Insurance Records 75&percnt; PAT Growth<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that Prudential Zenith Life Insurance Limited&comma; PZL&comma; has announced its audited financial results for the year ended 31st December 2021&comma; recording a 75&percnt; growth in profit after tax &lpar;PAT&rpar; of ₦1&period;13b compared to the ₦646m recorded in the corresponding period in 2020&period;<br &sol;>&NewLine;The results&comma; which was approved by the Board of Directors of Prudential Zenith and the insurance industry regulator&comma; the National Insurance Commission &lpar;NAICOM&rpar;&comma; shows that Gross Written Premium &lpar;GWP&rpar; and Annualized Premium Equivalent &lpar;APE&rpar; grew year on year by 16&period;3&percnt; and 9&period;3&percnt; respectively&period; This was primarily driven by 27&percnt; growth in new business acquisition for Group Life written during the period&period;<br &sol;>&NewLine;Investment income grew by 30&percnt; year-on-year due to a significant increase in the interest-generating assets of the company&comma; and commission income also increased by 43&percnt; during the period&period;<br &sol;>&NewLine;The financial performance is a testament to the continued focus on investments&comma; as the company remains committed to building a strong market-leading position in Nigeria by enhancing its capabilities&comma; strengthening its digitally enabled multi-channel distribution network&comma; and broadening the range of products and services that are available to customers in order to meet their needs&period;<br &sol;>&NewLine;Despite the challenges experienced during the Covid-19 pandemic in 2020&comma; <a href&equals;"https&colon;&sol;&sol;punchng&period;com&sol;">Prudential Zenith<&sol;a> was able to achieve this strong growth in 2021 and is poised to continue improving its performance in the upcoming financial years&period; Prudential Zenith will continue to develop and launch unique products to meet customers’ needs&comma; leveraging technology and its core corporate governance structure to deliver faster claims settlement&period; The company will also continue to prioritize the health&comma; safety&comma; and welfare of customers&comma; who subscribe to its unique insurance product offerings&period;<br &sol;>&NewLine;Prudential Zenith Life Insurance Ltd &lpar;PZL&rpar; is a subsidiary of Prudential Plc&period;&comma; established in 2017 when Prudential Plc acquired a 51&percnt; holding in Zenith Life Insurance&period; PZL is one of the most capitalized companies in the Nigerian insurance industry with a wide range of individual products including savings &amp&semi; investments-linked products&comma; endowment&comma; and protection products designed to meet the needs of individuals and their families&period; For corporate clients&comma; the company’s product offerings include Group Life&comma; Key-Man Assurance&comma; Credit Life&comma; School Fees Protection&comma; and Mortgage Protection&comma; ensuring that the welfare of clients’ staff and families are met&period;<br &sol;>&NewLine;Prudential Plc provides life and health insurance&comma; and asset management in Africa and Asia&comma; helping people get the most out of life by making healthcare affordable and accessible and by promoting financial inclusion&period; Prudential protects people’s wealth&comma; helps them grow their assets&comma; and empowers them to save for their goals&period; It has more than 19 million life customers and is listed on stock exchanges in London &lpar;PRU&rpar;&comma; Hong Kong &lpar;2378&rpar;&comma; Singapore &lpar;K6S&rpar;&comma; and New York &lpar;PUK&rpar;&period;<br &sol;>&NewLine;Prudential Plc has insurance operations in eight countries in Africa&colon; Nigeria&comma; Cameroon&comma; Cote d’Ivoire&comma; Ghana&comma; Kenya&comma; Togo Uganda&comma; and Zambia&period; With over 1 million customers&comma; Prudential Africa works with over 11&comma;000 agents and six exclusive bank partnerships&comma; with access to over 600 branches to bring value-added insurance solutions to its customers&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;