Prudential Zenith Life Insurance Limited has appointed Mrs. Funmilayo Abimbola Omo as its new Managing Director and Chief Executive Officer. The company also announced the appointment of Ms. ‘Tokunboh Ishmael as the new Chairperson of its Board of Directors. These appointments come shortly after Prudential Plc acquired the remaining 49 percent stake in the Nigerian insurance firm, making Prudential Zenith Life a fully owned subsidiary of the international financial services group.
The announcement was made public as part of efforts to strengthen Prudential’s leadership in Nigeria’s insurance market and further expand its footprint across Africa. Prudential Plc completed the acquisition on September 26, 2024, making Prudential Zenith Life fully part of the group’s global operations. This development marks a major milestone in the insurance industry in Nigeria.
Mrs. Omo takes over with a strong background in insurance and financial services. Her appointment is expected to bring a renewed focus on product accessibility, customer satisfaction, and digital innovation. Ms. ‘Tokunboh Ishmael, on the other hand, is a seasoned investment expert with over 20 years of experience in private equity, business strategy, and investment banking.
Speaking on the leadership changes, Mr. Emmanuel Aryee, Prudential’s Chief Executive Officer for Africa, said the appointments reflect the group’s deep commitment to Nigeria and its long-term investment in Africa’s insurance industry. He explained that both Omo and Ishmael bring exceptional talent and experience that will drive Prudential Zenith Life’s next phase of growth.
Mr. Aryee added that the full ownership of the company will allow Prudential to bring in more global best practices and expertise to serve customers better. He said the company will also take advantage of its bancassurance partnership with Zenith Bank to expand access to insurance products across Nigeria.
Prudential Zenith Life has already established a strong foundation in Nigeria, and the new leadership is expected to build on this. As of December 2022, the company had a gross written premium of N6.3 billion. Industry observers say this new phase could position Prudential Zenith Life as one of the most competitive life insurance companies in the country.
The company has said it will focus on using advanced technology, global experience, and local partnerships to meet the evolving needs of Nigerians. With a focus on digital transformation, affordable products, and improved customer service, Prudential Zenith Life is expected to increase its market share in the coming years.
Prudential Plc, a global financial services group with operations in Asia and Africa, originally entered the Nigerian market through a joint venture with Zenith Bank in 2016. The full acquisition of Prudential Zenith Life shows the group’s confidence in the Nigerian insurance sector despite economic challenges. The group now plans to scale its services and deepen financial inclusion across the country.
The announcement also signals increased activity in Nigeria’s insurance industry, where local and international companies are seeking ways to reach underserved communities with affordable and reliable insurance products. With Mrs. Omo and Ms. Ishmael at the helm of affairs, industry experts are watching closely to see how Prudential Zenith Life will use this opportunity to shape the future of life insurance in Nigeria.
