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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.