Insurer Prudential enters Nigeria via insurance buy, Zenith Bank deal
Insurer Prudential enters Nigeria via insurance buy, Zenith Bank deal
1 Min Rea
July
12 (Reuters) - British insurer Prudential said it had bought a majority
stake in Nigeria's Zenith Life to give it access to the African
country's fast-growing insurance market.
It
said it had also signed a deal with the Nigerian insurer's parent Zenith
Bank Plc to sell life and other insurance products via the bank in
Nigeria and Ghana.
"Today's announcement is an
important milestone for Prudential and our growing portfolio of
high-quality life insurance businesses in Africa," Matt Lilley, chief
executive of Prudential Africa. (bit.ly/2temiRb)
Zenith
Life, which had gross written premiums worth 3.3 billion Naira ($10.82
million) at the end of 2016, will be rebranded as Zenith-Prudential Life
Insurance.
Prudential did not say what size stake it had bought or how much it had paid.
Prudential already has operations in Ghana, Kenya, Uganda and Zambia in Africa.
$1 = 305.0000 naira
Reporting by Noor Zainab Hussain in Bengaluru; Editing by
Susan Fenton
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