Zenith Bank Redefines Life Insurance In Nigeria

The partnership and bancassurance agreement will allow Prudential access to Nigeria’s huge 180 million-market, which is the largest in Africa.

On the partnership, Jim Ovia, Founder of Zenith Bank and Zenith Life, said: “This landmark transaction is set to 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. We anticipate creating thousands of employment opportunities in Nigeria by embarking on this transformational deal”

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. 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.”

In his contribution, the Group Managing Director/CEO of Zenith Bank, Peter Amangbo, said: “Zenith Bank has always sought to partner with best-in-class global players.  By developing a bancassurance offering in conjunction with Zenith-Prudential Life, we will be positioned to offer our clients a greater bouquet of products, enhancing our ability to meet their financial needs.”