• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

      Companies

      Total Nigeria, Mixta, Valency, list new CPs on FMDQ platform to enhance financial markets development

      January 19, 2021

      Finance

      Amidst N32.22trn public debt, analysts say Nigeria’s external debt service manageable

      January 19, 2021

      Finance

      Stringent regulations, business environment forced Stanbic IBTC out of BDC business

      January 15, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Markets

      Nairobi Stock Exchange pushes expansion plans with more listings in 2021, says CEO

      January 23, 2021

      Africa Investment Forum

      Africa’s $60bn losses in illicit capital flows due to multinationals’ tax avoidance, says AfDB Adesina

      January 22, 2021

      Frontpage

      Covid-19 vaccine: Nigeria, 54 others to benefit from African Union’s 270m doses

      January 21, 2021

      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Companies

      Appeal Court suspends order against shutting of SEPLAT headoffice

      January 23, 2021

      Frontpage

      OPEC welcomes push for electric vehicles, but says fossil fuel remains strong

      January 21, 2021

      National: Governance, Policy & Politics

      Nigeria ramps up domestic LPG consumption above 1MMT, says PPPRA

      January 20, 2021

      Companies

      TIPP Oil, German lubricant maker, targets 2021 Nigeria launch with eco-friendly scheme  

      January 19, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

      Analyst Insight

      Data privacy maturity model in organisations

      January 11, 2021

Frontpage

Nigeria’s Zenith Bank offloads insurance business to British Prudential in a bancassurance deal

July 12, 20171.3K views0 comments

British insurer, Prudential, said it had bought a majority stake in Nigeria’s Zenith Bank insurance business, Zenith Life, to give it access to the African country’s fast-growing insurance market.

The deal, which involves Zenith Life being rebranded Zenith-Prudential Life Insurance, would involve the insurer’s parent, Zenith Bank, going into bancassurance as it is expected to sell life and other insurance products via its branches in Nigeria and Ghana.

“Today’s announcement is an important milestone for Prudential and our growing portfolio of high-quality life insurance businesses in Africa,” Matt Lilley, chief executive of Prudential Africa, told Reuters.

Jim Ovia, Chairman, Zenith Bank

The bank insurance model (BIM), also sometimes known as bancassurance or Allianz, is the partnership or relationship between a bank and an insurance company, or a single integrated organisation, whereby the insurance company uses the bank sales channel in order to sell insurance products.

Read Also:

  • Bullish insurance, industrial sectors see N50.3bn rise in Nigeria bourse…
  • Insurers should adopt user-first, omnichannel approach to improve…
  • Experts canvass exposing farmers to Agri-Insurance to minimize economic…
  • Morrison Industries taps Oladejo, business consultant, as MD to drive…
  • Access Bank unfolds ambitious expansion into Africa, global markets…

It also includes an arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base.

BIM allows the insurance company to maintain smaller direct sales teams as their products are sold through the bank-to-bank customers by bank staff and employees as well.

Zenith Life gross written premiums as at end 2016 were worth N3.3 billion ($10.82 million). Prudential, however, did not say what size stake it had bought or how much it had paid.

Prudential already has operations in Ghana, Kenya, Uganda and Zambia in Africa.

Share on Facebook Tweet Email
TagsBritish insurer Insurance Nigeria Zenith
PreviousFormer Credit Suisse trader who’s raised $66m for bitcoin push
NextDemand for platinum under threat from electric car growth

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Appeal Court suspends order against shutting of SEPLAT headoffice
  • Eko Atlantic City to utilise local content for economic diversification in Nigeria
  • Nairobi Stock Exchange pushes expansion plans with more listings in 2021, says CEO
  • Africa’s $60bn losses in illicit capital flows due to multinationals’ tax avoidance, says AfDB Adesina
  • Nigeria equities go bearish on selloffs in DangCem, AXA Mansard, UBA

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

MTN Nigeria grows annual profit 38.8% to N202bn

Frontpage February 29, 2020

1
2

Nigeria’s equities market rebounds 0.44% on bargain hunting in Dangote Cement, Zenith, Nestle

Frontpage September 27, 2017

3

Ovia, Wigwe, Elumelu reap big in 2016 bank dividend payout

Frontpage June 12, 2017

4

Nigerian stocks pare N1.1trn in 7 days as bears take firm grip of market

Frontpage February 13, 2018

5

US to establish West African trade hub in Nigeria

Frontpage July 17, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.