It has been a season of celebration for the global Prudential Plc and its subsidiaries including the Nigeria subsidiary, Prudential Zenith Limited which recorded 18% profit after tax raise from previous N1.13bn to N1.33bn in 2022 and, Prudential Plc celebrating 175 years of operations.
Audited all approved financials of the company indicate that the impressive growth was achieved despite a challenging business environment, characterized by rising inflation, a deteriorating foreign exchange position, and temporary cash shortages, a 15% dip in gross written premium was recorded, from N7.5bn to N6.39bn.
Underwriting costs were effectively managed, resulting in an 8% growth in underwriting profit while investment income grew by 28% year-on-year, due to a substantial increase in the company’s interest-generating assets. Shareholder equity grew by N1.34 bn (11%) between 2022 and 2021, reflecting an increase in retained earnings.
The 175-year milestone not only signifies Prudential’s rich heritage and enduring success, but also exemplifies the company’s commitment to continuous evolution and meeting the ever-changing needs of customers. Prudential has over the years transformed countless lives through innovative insurance solutions that empower individuals and businesses to achieve financial security and prosperity.
During celebrations to mark 175 years, which were conducted on May 30 across eight Prudential African operations, Mr. Chuks Igumbor, the PZL managing director, thanked customers and staff, emphasizing the importance of upholding Prudential’s core values as well as always striving to help customers get the most out of life.
The celebrations sought to pay homage to Prudential’s remarkable legacy and gratitude to valued customers, dedicated employees, and supportive partners, who have contributed to the company’s success over the years.
Despite the constantly changing economic landscape, PZL remains committed to, providing innovative insurance solutions, transforming countless lives in Nigeria, and empowering individuals, and businesses to achieving financial security and prosperity. it has also upheld the parent company’s 175 years legacy of priority on health, safety and welfare of Nigerians, it added.