Prudential Zenith Life Insurance Limited has announced its audited 2024 financial results, approved by the National Insurance Commission (NAICOM), showing exceptional growth and a capital buffer that surpasses the new regulatory requirement by ?19.3 billion.
The company reported a 21% rise in profit after tax to ?7.4 billion, up from ?6.1 billion in 2023, while total assets expanded by 29.5% to ?82.0 billion, driven largely by a 29.6% increase in financial assets.
Shareholders’ equity climbed 32.2% to ?30.5 billion, supported by a 51.8% jump in retained earnings to ?19.5 billion.
With its solvency margin strengthening by 28.3% to ?29.3 billion, Prudential Zenith Life has achieved a surplus of ?19.3 billion above the ?10 billion minimum capital requirement effective July 31, 2025.
Insurance contract liabilities also grew by 29.7%, accounting for 95.4% of total liabilities, reflecting the company’s expanding underwriting strength and customer base.
Commenting on the performance, Ms. Funmi Omo, Chief Executive Officer of Prudential Zenith Life, said, ‘Our 2024 results are a testament to our financial resilience and commitment to excellence. Delivering a 21% profit increase while maintaining a capital surplus nearly double the regulatory requirement underscores our discipline, foresight, and strategic focus. The ?19.3 billion buffer empowers us to innovate, expand, and deliver greater value to our customers and shareholders as we enter our next phase of growth.’
Prudential Zenith Life’s strong performance reinforces its mission to secure the financial future of its customers through innovative insurance products.
Its capital strength provides strategic flexibility to broaden offerings, invest in technology, and sustain long-term value creation.
The company, now a wholly-owned subsidiary of Prudential plc following a full acquisition in September 2024, ranks among the most capitalised insurers in Nigeria.
It offers a wide range of individual solutions, including savings and investment-linked products, endowment, and protection plans as well as corporate products such as Group Life, Key-Man Assurance, Credit Life, School Fees Protection, and Mortgage Protection.
Prudential plc, its parent company, is a global leader in life and health insurance and asset management, with dual primary listings on the Hong Kong Stock Exchange and London Stock Exchange, and secondary listings in Singapore and New York.
With its solid 2024 performance, Prudential Zenith Life is positioned for continued growth, strengthened competitiveness, and deeper contributions to Nigeria’s insurance sector.