Prudential partners Zenith Bank, buys stake in Zenith life

Zenith Bank Plc has entered into partnership with British Insurer Prudential to sell life insurance policy in Nigeria and Ghana. This is coming on the heels of Prudential Life Insurance purchase of majority shares in Zenith Life Insurance. Zenith agreed to sell life and other insurance products via the bank in Nigeria and Ghana.

Disclosing this fact Mr. Matt Lilley, chief executive of Prudential Africa said “today’s announcement is an important milestone for Prudential and our growing portfolio of high-quality life insurance businesses in Africa,” Zenith Life, which had gross written premiums worth N3.3 billion at the end of 2016, will be rebranded as Zenith-Prudential Life Insurance.

The rebrand has become necessary as British insurer Prudential said it had bought a majority stake in Zenith Life to give it access to the African country’s fast-growing insurance market. Prudential already has operations in Ghana, Kenya, Uganda and Zambia in Africa.