Prudential Plc has announced that it has reached an agreement to acquire the remaining shares of Prudential Zenith Life Insurance Limited (PZL), its joint venture business in Nigeria.

PZL has existing bancassurance partnerships with Zenith Bank in Nigeria and Ghana.

In 2017, Prudential purchased a 51% stake in Zenith Life Insurance Limited in Nigeria, which benefited from an existing bancassurance partnership with Zenith Bank.

Commenting on the deal, the Managing Director, Strategic Business Group, Prudential, Solmaz Altin said: "We are delighted to take full ownership of the business and have the opportunity to better serve the needs of our customers and create long-term value for our shareholders.

"Acquiring the remaining stake is consistent with our new strategy to build a sustainable multi-channel growth platform, through targeted investment in structural growth markets across Asia and Africa.

"We see substantial long-term opportunities in Nigeria and plan to build on our existing agents, bancassurance partnerships and direct distribution capabilities.

"PZL is a great business and one we know well, and our relationship with Zenith Bank further strengthens our distribution capabilities in the region."

The CEO, Africa Prudential, Emmanuel Aryee Mokobi, said: "This transaction increases our participation in an attractive market with significant growth potential.

"Insurance penetration remains low in Nigeria (less than 0.2% of GDP) and there is a significant growth runway. Nigeria's life insurance market is the fifth largest African market with a gross written premium of US$770 million, and we have an established presence there.

"Prudential Africa's strategy is to focus on building its presence and investing in growth and scale in our chosen insurance markets in Africa."