Zenith-Prudential Life Insurance is now selling its insurance products in about fifty-eight Zenith Bank branches across Nigeria.
This comes on the heels of an exclusive bancassurance partnership with Zenith Bank Plc, which will see the insurance company sell its life insurance packages to Zenith Bank customers in Nigeria in Ghana.
Recall that Prudential Plc, a leading insurance company in the United Kingdom, had in July last year acquired a majority stake in the Zenith Bank subsidiary. This led to the company’s change of corporate identity; rebranding its name to ‘Zenith prudential’. The company has also unveiled more innovative services, an example of which is the bancassurance partnership.
Prudential Plc had issued a statement following its acquisition of majority stakes in the Zenith Group subsidiary last year, expressing their excitement over the deal, as well as an opportunity to bring the best insurance experience to Nigerians and Ghanaians.
What to expect going forward…
Zenith-Prudential Life Insurance is undoubtedly positioning itself to become a leader in Nigeria’s life insurance industry. Interestingly, the company has the backing of Zenith Bank Plc, (the biggest bank in Nigeria by tier 1 capital) and Prudential Plc which is one of the world’s oldest and capitalised insurance companies.
Zenith Bank is also poised to make more money this year. This is considering the fact the bancassurance partnership opens opportunities for additional sources of income to Zenith, and by extension their shareholders.
The development also has the potential to reinvigorate competition in the life insurance sector, as stakeholders try to implement new business models that will help them compete.
Zenith-Prudential Life Insurance is a subsidiary of the Zenith Group which was incorporated in 2001.
