Prudential Zenith Life Insurance Ltd. has reported a profit after tax of N1.33 billion for the fiscal year ending December 31, 2022.
According to the News Agency of Nigeria, when compared to the N1.131 billion recorded in 2021, the amount increased by 18%.
This information was provided by the company in a statement that was released on Friday in Lagos and was signed by the Head, of Corporate Communications, PZL, Mr. Bob Ononu.
According to Ononu, the National Insurance Commission and PZL’s Board have both approved the company’s audited financial figures for the year under consideration.
He claimed that despite a difficult business environment marked by growing prices, a weakening foreign exchange situation, and brief cash shortages, the results showed that the company had achieved an impressive expansion.
He pointed out that the claimed financial growth came out one month after PZL celebrated 175 years of partnership with Prudential Plc and the eight African subsidiaries of the parent firm.
According to a firm spokeswoman, top-line Gross Written Premium fell by 15% to N6.39 billion from N7.5 billion in 2021.
He said that the significant increase in the company’s interest-earning assets was what caused the growth.
According to Ononu, the owner’s equity increased between 2022 and 2021 by 11% to N1.34 billion, showing an increase in retained earnings.
“Prudential has transformed countless lives over the years through innovative insurance solutions that empower individuals and businesses to achieve financial security and prosperity,” he said.
Commenting on the insurer’s 175th anniversary, the Managing Director of PZL, Mr. Chuks Igumbor, thanked its customers and employees while asking them to respect the company’s essential principles and work to improve the quality of clients’ lives.
The insurance industry encourages financial inclusion, guarantees affordable and accessible healthcare, safeguards the wealth of individuals, aids in the growth of their assets, and gives them the ability to save money for their objectives.
