British Insurer Prudential buys majority stake in Nigeria’s Zenith life

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Lagos Nigeria July 12 – British insurer Prudential said it had bought a majority stake in Nigeria’s Zenith Life to give it access to the African country’s fast-growing insurance market.

It said it had also signed a deal with the Nigerian insurer’s parent Zenith Bank Plc to sell life and other insurance products via the bank in Nigeria and Ghana.

“Today’s announcement is an important milestone for Prudential and our growing portfolio of high-quality life insurance businesses in Africa,” Matt Lilley, chief executive of Prudential Africa.

Zenith Life, which had gross written premiums worth 3.3 billion Naira ($10.82 million) at the end of 2016, will be rebranded as Zenith-Prudential Life Insurance.

Prudential did not say what size stake it had bought or how much it had paid.

Prudential already has operations in Ghana, Kenya, Uganda and Zambia in Africa.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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