Zenith Life to Deepen In­sur­ance Pen­e­tra­tion, In­tro­duces Share­holder to Bro­kers

THISDAY - - MARKET NEWS - Goddy Egene

The Man­ag­ing Di­rec­tor of Zenith Life As­sur­ance Lim­ited, Mr. Chuks Igum­bor has said the com­pany is work­ing hard to deepen in­sur­ance pen­e­tra­tion in Nige­ria by col­lab­o­rat­ing with the bro­ker community.

Igum­bor stated this at the Au­gust edition of the Nige­rian Coun­cil of Reg­is­tered In­sur­ance Bro­kers (NCRIB) Mem­bers’ Evening, which Zenith Life As­sur­ance Lim­ited hosted in La­gos.

At the meet­ing, the com­pany in­tro­duced its new ma­jor­ity share­holder, Pru­den­tial Plc to the in­sur­ance bro­ker community.

Pru­den­tial Plc, one of the old­est and most strongly cap­i­talised Life in­sur­ance com­pa­nies in the world ac­quired a ma­jor­ity stake in Zenith Life of Nige­ria in July 2017. Pru­den­tial had said that its en­try into Nige­ria, Africa’s largest economy, with a pop­u­la­tion of over 180 mil­lion, demon­strates its com­mit­ment to Africa fol­low­ing the launch of busi­nesses in Ghana and Kenya in 2014, in Uganda in 2015 and Zam­bia in 2016.

Pru­den­tial was founded in Lon­don in 1848 and en­ables fam­i­lies to pro­tect them­selves against life’s mis­for­tunes and save for as­pi­ra­tions such as pay­ing for school or univer­sity fees. The com­pany has £599 bil­lion of as­sets un­der man­age­ment, 24 mil­lion in­sur­ance cus­tomers and has op­er­a­tions in the UK, the US, Africa and 14 markets in Asia.

On the other hand, Zenith Life, in­cor­po­rated in 2001, has grown its gross writ­ten pre­mium at a com­pound an­nual growth rate of 22 per cent over the last five years, mak­ing it one of the fastest-grow­ing life in­sur­ance com­pa­nies in Nige­ria.

And Igum­bor said: “Zenith Life is proud to be part of an in­ter­na­tional brand and is look­ing to deepen in­sur­ance pen­e­tra­tion in Nige­ria by con­tin­u­ing its ex­ist­ing re­la­tion­ship with the bro­ker community whilst also launch­ing its re­tail propo­si­tion.”

The Pres­i­dent, NCRIB, Mr. E. K Okunoren com­mended Zenith Life for the level of ser­vice that it has dis­played in its deal­ings with bro­kers to date and looked for­ward to work­ing with the stronger en­tity.

After buy­ing into Zenith Life, Chief Ex­ec­u­tive of Pru­den­tial Africa, Matt Lil­ley had said: “Pru­den­tial’s pur­pose is to take the worry out of life’s big fi­nan­cial con­cerns, help­ing our cus­tomers face the fu­ture with con­fi­dence. To­day’s an­nounce­ment is an im­por­tant mile­stone for Pru­den­tial and our grow­ing port­fo­lio of high­qual­ity life in­sur­ance busi­nesses in Africa. We are ex­cited by the op­por­tu­nity of part­ner­ing with Zenith Bank, one of the largest and most dy­namic banks in Africa, and work­ing with our new col­leagues to build Zenith-Pru­den­tial into a leader in Nige­ria’s grow­ing life in­sur­ance in­dus­try.”

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