Prudential ups stake in Nigerian venture

This increases Prudential's ownership from the 51% stake it acquired in 2017.

Prudential has agreed to acquire the remaining shares of Prudential Zenith Life Insurance Limited (PZL), its joint venture in Nigeria.

This move increases Prudential's ownership from the 51% stake it acquired in 2017.

The transaction, which will be paid in cash with a performance-based component, is part of Prudential's strategy to focus capital on high-potential operations in Africa.

PZL has bancassurance partnerships with Zenith Bank in Nigeria and Ghana. Zenith Bank, headquartered in Nigeria, operates over 400 branches and serves around 29 million customers in the region.

Prudential sees significant growth opportunities in Nigeria, where insurance penetration is below 0.2% of GDP. The country’s life insurance market, valued at $770m, is the fifth-largest in Africa.

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