Britain’s Prudential acquires majority stake in Zenith Life Assurance
Prudential Plc, one of the oldest insurance companies in the world, has acquired majority equity stake in Zenith Life Assurance Limited.
Prudential acquired the majority stake in Zenith Life as a major entry strategy into Nigeria, Africa’s largest economy, with a population of over 180 million as a part of efforts to deepen its businesses in the continent.
Prudential was founded in London in 1848.
Managing Director, Zenith Life Assurance Limited, Chuks Igumbor, who confirmed the acquisition of the majority equity stake, said the business combination will lead to improvements in the performance of Zenith Life.
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“Zenith Life is proud to be part of an international brand and is looking to deepen insurance penetration in Nigeria by continuing its existing relationship with the broker community whilst also launching its retail proposition,” Igumbor said.
Prudential Plc, incorporated in England and Wales, is listed on the stock exchanges in London, Hong Kong, Singapore and New York. It is however not affiliated in any manner with PrudentialFinancial, Inc, a company whose principal place of business is in the United States of America.
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