Ebere Nwoji
Prudential Zenith Life Insurance Company Limited, said it has surpassed the new minimum capital requirement recently pronounced by the National Insurance Commission (NAICOM) .
The company said it currently has N19.3 billion above N10 billion minimum legal requirement for life underwriting business.
The Chief Executive officer of the company, Funmi Omo said the audited financial statement of the company for 2024, showcased exceptional financial strength with a ₦19.3 billion surplus above the new regulatory capital requirement.
She said bolstered by a 21 percent surge in profit after tax to ₦7.4 billion and a 29.5 percent expansion in total assets to ₦82.0 billion.
Prudential Zenith Life solidified its position as a leader in Nigeria’s insurance sector.
“2024 financial records show that Profit After Tax (PAT) increased by 21 percent to ₦7.4 billion against 2023 figure of N6.1 billion), reflecting robust operational performance, while Total Assets grew by 29.5 percent to ₦82.0 billion (2023: ₦63.2 billion), driven by a 29.6 performance rise in financial assets.Shareholders’ Equity also rose by 32.2 percent to ₦30.5 billion against 2023 figure of ₦23.1 billion , fueled by a 51.8 percent increase in retained earnings to ₦19.5 billion.
She said the company Solvency Margin is strengthened by 28.3 percent to ₦29.3 billion, achieving a ₦19.3 billion surplus over the ₦10 billion regulatory minimum effective July 31, 2025.
She said Insurance Contract Liabilities expanded by 29.7 percent comprising 95.4 percent of total liabilities, underscoring Prudential Zenith Life’s growing underwriting capacity and customer base.
Omo said the results highlighted Prudential Zenith Life’s strategic focus on financial discipline, prudent investment, and customer-centric growth, positioning the company for sustained success in a dynamic market.
She commented: “Our 2024 performance is a testament to our unwavering commitment to excellence.
“Achieving a 21 profit increase while maintaining a capital surplus nearly double the regulatory requirement demonstrates our financial resilience and strategic foresight.
“The ₦19.3 billion buffer from the original shareholders’ funds of ₦29.3 empowers us to innovate, expand, and deliver unparalleled value to our customers and shareholders as we embark on the next phase of growth.Prudential Zenith Life’s robust financial health reinforces its mission to secure the future of its customers through innovative insurance solutions”: Omo stated.
She further said the company’s expanded capital base provides strategic flexibility to enhance product offerings, invest in technology, and drive long term value creation.