Prudential Group increases stake in Nigerian business and extends bancassurance partnership with Zenith Bank

Prudential plc has reached an agreement to acquire the remaining shares in its joint venture, Prudential Zenith Life Assurance Limited (PZL), which will result in Prudential holding 100% of PZL upon completion, while extending the bancassurance partnership with Zenith Bank in Nigeria and Ghana. The transaction consideration is payable in cash and includes performance-related terms, representing a capital deployment by Prudential focused on high-potential existing businesses in Africa. The Nigerian life insurance market is the fifth largest in Africa, with total gross premiums of US$770 million and insurance penetration of less than 0.2% of GDP, offering significant growth potential.