Prudential Zenith Life Insurance Limited has said its profit after tax rose by 18 per cent as of the end of December 31, 2022.

In a statement, the firm said PZL celebrated 175 years, and the parent company’s eight Prudential Plc subsidiaries in Africa.

“During the period, PZL registered 18 per cent growth in profit after tax, amounting to N1.33bn, compared to N1.131bn in the same period in 2021, even as top-line gross written premium declined by 15 per cent to N6.39bn, compared to N7.5bn in 2021,” it said.

Audited financial results for the year ended December 31, 2022, which were approved by PZL’s board and regulator, National Insurance Commission, indicated that the growth was achieved despite a challenging business environment, characterised by rising inflation, a deteriorating foreign exchange position, and temporary cash shortages.

According to the statement, its underwriting costs were effectively managed, resulting in an eight per cent growth in underwriting profit, while investment income grew by 28 per cent year-on-year, due to a substantial increase in the company’s interest-generating assets.

Shareholder equity grew by N1.34bn (11 per cent’ between 2022 and 2021, reflecting an increase in retained earnings.

It stated that, “PZL remains committed to prioritising health, safety, and welfare of Nigerians, a commitment that its parent company, Prudential Plc, has held true for over century and now celebrated its 175 years’ anniversary

“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 said it had 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, the Managing Director, PLZ, Mr Chuks Igumbor, thanked customers and staff, emphasising 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 had contributed to the company’s success over the years, it said.

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