Wednesday, April 24Inside Business Africa

Prudential Zenith Life exceeds recapitalisation benchmark

Prudential Zenith Life Insurance has raised its authorised share capi­tal to N5 billion, surpassing the N4 billion new minimum capital re­quirement set by the industry regulator, the National Insurance Commission (NAICOM), as specified in the December 31, 2020 deadline.

Speaking on the company’s recapitalisation achievement, the Managing Director/Chief Executive Officer, Chuks Igum­bor, said: “We have met and ex­ceeded the minimum require­ment set by NAICOM and we are positioned to meet the additional capital requirement ahead of the Septem­ber 30, 2021 deadline.

“This seamless recapitalisation effort was hinged on the enor­mous financial strength and support from key shareholders. With this, the firm is poised to emerge stronger with greater capacity to serve our esteemed customers and con­tinue to grow the business.”

Prudential Zenith Life In­surance Limited is part of Prudential Plc, one of the oldest and most capitalised life insurance companies in the world.

Source: Guardian

Leave a Reply

Your email address will not be published. Required fields are marked *

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/insidebu/public_html/wp-includes/functions.php on line 5373