Prudential plc has acquired a majority stake in Zenith Life in Nigeria, alongside exclusive bancassurance partnerships with Zenith Bank, marking its entry into Africa's largest economy.

Target Information

In December 2017, Prudential plc, a well-established life insurance company with a rich history, acquired a majority stake in Zenith Life, a notable insurance provider in Nigeria. This acquisition also included exclusive bancassurance partnerships with Zenith Bank, marking Prudential's strategic entry into the Nigerian market, which stands as Africa's largest economy. Zenith Life, founded in 2001, has demonstrated impressive growth, achieving a compound annual growth rate of 22% in gross written premiums over the past five years. Given Nigeria's population of over 180 million, this acquisition positions Prudential to effectively cater to the growing life insurance demands.

Zenith Bank is recognized as the largest bank in Nigeria based on tier-1 capital, boasting a robust presence with over 350 branches and serving approximately 1.6 million customers. This collaboration aims to leverage the strengths of both Prudential and Zenith Life, enhancing their service offerings in the life insurance market.

Industry Overview in Nigeria

The insurance sector in Nigeria is undergoing significant transformation, driven by economic growth and increased awareness of the importance of financial protection. According to industry reports, the insurance penetration in Nigeria remains