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He stated that Prudential, which initially acquired a 51 per cent stake in Prudential Zenith Life in 2017, was making that move as part of its strategy to expand its operations across Africa by investing in markets with strong growth potential.

“The increase in ownership of the PZL business is a further step in executing Prudential’s focus in Africa on deploying capital in its existing operations that have the greatest potential. Prudential originally purchased a 51 per cent stake in Zenith Life Insurance Limited in Nigeria in 2017, which benefited from an existing bancassurance partnership with Zenith Bank. The consideration for this transaction will be payable in cash and includes a performance-based element,” Altin said.

He added that the acquisition would also strengthen its existing partnerships with Zenith Bank, allowing Prudential to further extend its reach in Nigeria and Ghana.

Also, Chief Executive Officer, Africa, Prudential, Emmanuel Mokobi, emphasised the importance of the Nigerian market in the company’s Africa strategy, stating, “This transaction increases our participation in a market with significant growth potential. Nigeria’s life insurance market remains underpenetrated, representing less than 0.2 per cent of GDP. Acquiring full ownership of Prudential Zenith Life allows us to unlock more value by leveraging customer initiatives and technology-driven distribution.”

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