Prudential Zenith Life reports 18% profit growth [Boss Insurance]

Prudential Zenith Life Reports 18% Profit Growth

Prudential Zenith Life Insurance Limited said its profit after tax increased by 18% at the end of December 31, 2022.

In a statement, the company said PZL celebrated 175 years and the parent company’s eight Prudential Plc subsidiaries in Africa.

“During the period, PZL recorded an 18% growth in profit after tax, amounting to N1.33 billion, compared to N1.131 billion during the same period in 2021, even though the premium gross subscribed decreased by 15% to 6 naira. 39 billion, compared to 7.5 billion naira in 2021,” he said.

Audited financial results for the year ended December 31, 2022, which were approved by PZL’s board and regulator, the National Insurance Commission, indicated that growth was achieved despite a challenging business environment, characterized by rising inflation, deteriorating foreign exchange position and cash shortages.

According to the release, its underwriting costs were managed effectively, resulting in underwriting profit growth of 8%, while investment income was up 28% year-over-year, due to a substantial increase in the company’s interest-bearing assets.

Equity increased by 1.34 billion naira (11% between 2022 and 2021, reflecting an increase in retained earnings.

He said that “PZL remains committed to putting the health, safety and welfare of Nigerians first, a commitment that its parent company, Prudential Plc, has held for over a century and is now celebrating its anniversary of 175 years old.

“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 to meeting ever-changing customer needs.”

Prudential said that over the years it has transformed countless lives with innovative insurance solutions that enable individuals and businesses to achieve financial security and prosperity.

During celebrations marking 175 years, which took place on May 30 across eight African operations of Prudential, PLZ Managing Director Mr. Chuks Igumbor thanked customers and staff, stressing the importance of upholding core values of Prudential and always strive to help customers. get the most out of life.

The celebrations were meant to pay tribute to Prudential’s remarkable legacy and its gratitude to the valued customers, dedicated employees and supporting partners, who had contributed to the company’s success over the years, he said. declared.