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Prudential Zenith Life raises N5bn recapitalization

Prudential Zenith Life Insurance (PZLI) has raised its authorised share capital to N5 billion, surpassing the new minimum capital requirement of N4bn by December 31,…

Prudential Zenith Life Insurance (PZLI) has raised its authorised share capital to N5 billion, surpassing the new minimum capital requirement of N4bn by December 31, 2020.

The industry regulator, National Insurance Commission (NAICOM), had set the deadline to strengthen the operations of insurance companies.

Managing Director/Chief Executive Officer of PZLI Mr. Chuks Igumbor said: “We have met and exceeded the minimum requirement of the December 31st, 2020 deadline set by NAICOM and we are positioned to meet the additional capital requirement of N8bn well ahead of the September 30th, 2021 deadline.”

He added that the 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 capability to serve our esteemed customers and to continue to grow the business”.

Prudential Zenith Life Insurance Limited is part of Prudential Plc, one of the oldest and strongly capitalised life insurance companies in the world. It provides a range of insurance and investment-linked savings products designed to suit corporate and individual customers’ budgets.

The company said it was seeking to remove uncertainty from life’s big events, providing customers with the freedom to face the future with greater confidence.

It also committed to meeting the long-term savings and protection needs of families and businesses in Nigeria.

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