Royal Exchange Prudential Life plc is licensed to underwrite life insurance and related risk. The company was acquired in 2022, incorporated as a limited liability company in Nigeria, and registered under the Companies and Allied Matters Act. The company became a subsidiary of Mediplan Holdings Limited, and the National Insurance Commission regulates it.
The company also pioneered the use of a GSM-based electronic platform which enables some of the company’s products to be purchased and activated via scratch cards. The user-friendly platform aids the accessibility of our products to all branches, friendship centers, and other outlets nationwide.
In the coming months, our clients will also enjoy new additions to our product bouquet covering medical health annuity schemes, disability benefits cover, and dreaded illness cover. At the corporate level, we are also at the forefront of providing cover under Compulsory Group Life Schemes for employees of both private and public sectors of the economy as required by the Pension Reform Act of 2004.
The company has received approval to commence annuity business and does about 3 billion in premiums. The company presently enjoys the partnership and collaboration of brokers and related organizations in providing quality services to the insuring public, in line with professional best practices.
"Royal Exchange Prudential Life Plc is working towards expanding its retail footprint from 140 agents to 5,000 agents over the next five years to become a top 5 player in the industry."
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