Prudential Zenith Life Insurance has raised its authorised share capital to N5bn, surpassing the new minimum capital requirement of N4bn set by the National Insurance Commission, says the Managing Director and Chief Executive Officer, Chuks Igumbor.
“We have met and exceeded the minimum requirement of the December 31, 2020 recapitalistion deadline set by NAICOM.
“We are positioned to meet the additional capital requirement of N8bn well ahead of the September 30, 2021 deadline,” he stated
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Igumbor disclosed that the recapitalisation effort was hinged on the enormous financial strength and support from the company’s key shareholders, adding that the firm is poised to emerge stronger with greater capability to serve its customers and to continue to grow its business.
He stated further that the company would seek to remove uncertainty from life’s big events, providing customers with the freedom to face the future with greater confidence.
NAICOM had directed insurance companies to pay 50 per cent of minimum paid-up capital while re-insurance companies are expected to pay 60 per cent by December 31, 2020.
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