Prudential has announced its decision to acquire the remaining shares of Prudential Zenith Life Insurance Limited (PZL), its joint venture in Nigeria, boosting its ownership from the 51% stake it initially acquired in 2017.
The acquisition will be financed through cash, including a performance-based component, and aligns with Prudential’s strategy to channel capital into high-growth operations across Africa.
PZL currently has bancassurance partnerships with Zenith Bank, which operates in both Nigeria and Ghana. Zenith Bank, based in Nigeria, boasts over 400 branches and caters to approximately 29 million customers in the region.
Prudential recognizes significant growth potential in Nigeria, where insurance penetration remains low at less than 0.2% of GDP. The country’s life insurance market, valued at $770 million, ranks as the fifth-largest in Africa, presenting a substantial opportunity for expansion.
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