By Chinyere Aruogu
Zenith Life Insurance has entered into a crucial business pact with one of the world’s oldest and most capitalised life insurance companies, Prudential Life.
Prudential is a popular United Kingdom insurance firm with outlets in other parts of the wolrd.
Zenith leadership did on Wednesday, July 12 when both partners unveiled their new business initiatives in Lagos.
Prudential Plc is a British multinational life insurance and financial services company with headquarters in London and has more than 24 million customers.
A statement on the deal said the partnership and bancassurance agreement “will allow Prudential Life access to Nigeria’s huge 180 million market, the largest in Africa.”
Founder of Zenith Bank, Zenith Life and now Chairman, Zenith-Prudential, Jim Ovia, said during the unveiling: “This landmark transaction is set to redefine the life insurance industry in Nigeria.
“Given the combination of Zenith Life’s local presence with one of the oldest and most successful life insurers, we expect Zenith-Prudential Life to act as a significant catalyst within the sector.
“We anticipate creating thousands of employment opportunities in Nigeria by embarking on this transformational deal.”
Group Managing Director/CEO of Zenith Bank, Peter Amangbo, said: “Zenith Bank has always sought to partner with the best-in-class global players. By developing a bancassurance offering in conjunction with Zenith-Prudential Life, we will be positioned to offer our clients a greater bouquet of products, enhancing our ability to meet their financial needs.”
On their part, Matt Lilley, Chief Executive of Prudential Africa, said: “Today’s announcement is an important milestone for Prudential and our growing portfolio of high quality 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.”
Zenith Life which was incorporated in 2001, has grown its gross written premium by 22 per cent per annum over the last five years, making it one of the fastest growing life insurance companies in Nigeria, with gross written premium of N3.3 billion at the end of 2016.
Prudential was founded in London in 1848 and together with its affiliated companies, constitutes one of the world’s leading financial services groups, serving around 24 million insurance customers, with £599 billion of assets under management (as at 31 December 2016).
It has operations in the UK, the U.S., Africa and 14 markets in Asia; incorporated in England and Wales and listed on the stock exchanges in London, Hong Kong, Singapore and New York.