Prudential Life Insurance, a leading life insurance company in the world, has acquired majority stake in Zenith Life Insurance company in Nigeria.
A source in Zenith Life Insurance told the News Agency of Nigeria (NAN) in Lagos on Thursday that the deal was consummated in July.
He said that the deal affirmed Prudential’s commitment to Africa after its launch of businesses in Ghana and Kenya in 2014, Uganda in 2015 and Zambia in 2016.
The source said that Zenith International Insurance just introduced its new majority shareholder to the Nigerian Council of Registered Insurance brokers at a members’ evening in Lagos.
At the meeting, Mr Chuks Ingumbor, the Managing Director of Zenith Life, was quoted as saying that his company was proud to be a member of Prudential Group.
“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, while also launching its retail proposition.”
Mr Okunoren, the NCRIB President, commended Zenith Life for its level of level of service it had displayed in its dealings with brokers and look forward to working with a stronger entity.
Zenith Life was incorporated in 2001 and had N6.6 billion assets and gross premium of N3.3 billion as at December 2016.
Prudential PLC and its affiliated companies constitute one of the world’s leading financial services group with 2.4 million Insurance customers with 599 billion pounds of assets.
It was founded in London in 1848.