Prudential is entering Africa’s largest economy strong – not only has it acquired a majority stake in Zenith Life of Nigeria, it has also formed exclusive bancassurance partnerships with Zenith Bank in Nigeria and Ghana.
Zenith Bank is Nigeria’s biggest bank by tier-one capital and serves more than 1.6 million customers. Zenith Life, on the other hand, is one of the fastest-growing life insurance companies in Nigeria.
The move follows Prudential’s launch of businesses in Ghana and Kenya in 2014, in Uganda in 2015, and in Zambia in 2016. Zenith Life will be rebranded as Zenith-Prudential Life Insurance.
Jim Ovia, founder of Zenith Bank and Zenith Life, said the landmark transaction will redefine the life insurance industry in Nigeria.
“Given the combination of Zenith Life’s local presence with one of the world’s oldest and most successful life insurers, we expect Zenith-Prudential Life to act as a significant catalyst within the sector,” he commented.
For Peter Amangbo, group managing director/CEO of Zenith Bank, developing a bancassurance offering in conjunction with Zenith-Prudential Life will enable them to offer a wider array of products. He described Prudential as among the best-in-class global players.
“We are excited by the opportunity of partnering with Zenith Bank, one of the largest and most dynamic banks in Africa, and working with our new colleagues to build Zenith-Prudential into a leader in Nigeria’s growing life insurance industry,” said Prudential Africa chief executive Matt Lilley.
Prudential has £599 billion of assets under management and 24 million insurance customers – operating in the UK, the US, Africa, and 14 markets in Asia.
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