Prudential Insurance acquires 100% stake in PZL

It will be recalled that the Group acquired 51 percent shares of the Nigerian life underwriting firm owned by Zenith Bank in 2017.The Prudential Group said increase in ownership of the PZL business was a further step in executing its focus in Africa on deploying capital in its existing operations that have the greatest potential.

Commenting on the deal, the Managing Director, Strategic Business Group, Prudential, Solmaz Altin, said, “We are delighted to take full ownership of the business and have the opportunity to better serve the needs of our customers and create long-term value for our shareholders.

”Acquiring the remaining stake is consistent with our new strategy to build a sustainable multi-channel growth platform, through targeted investment in structural growth markets across Asia and Africa.

”We see substantial long-term opportunities in Nigeria and plan to build on our existing agents, bancassurance partnerships and direct distribution capabilities.”

Also speaking, CEO Africa, Prudential, Emmanuel Mokobi, said the transaction increases the group’s participation in an attractive market with significant growth potential.

“Insurance penetration remains low in Nigeria (less than 0.2 percent of GDP) and there is a significant growth runway. Nigeria’s life insurance market is the fifth largest African market with a gross written premium of US$770 million, and we have an established presence there”.