Zenith Life to Deepen Insurance Penetration, Introduces Shareholder to Brokers
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.”