Africa Prudential Plc’s total liabilities surged to N24.01bn in the financial year ended December 31, 2024, reflecting an 81.4 per cent increase from N13.24bn recorded in the previous year. The rise was driven by a sharp increase in customers’ deposits and creditors’ accruals.
A liability is a financial obligation of a company that results in the company’s future sacrifices of economic benefits to other entities or businesses.
According to the company’s audited financial statement filed with the Nigerian Exchange Limited recently, customers’ deposits rose by 72.2 per cent to N20.82bn from N12.09bn in 2023. Similarly, creditors and accruals increased more than fivefold to N1.72bn from N320.71m in the prior year.
The company’s current income tax payable also jumped by 100.7 per cent to N1.12bn from N559.61m, while deferred tax liabilities grew by 28.1 per cent to N345.20m from N269.40m in the previous year.
Meanwhile, Africa Prudential’s total assets rose by 51.6 per cent to N34.85bn from N22.98bn, supported by growth in debt instruments at amortised cost, which more than doubled to N26.32bn from N9.59bn.
On the earnings side, the company recorded a profit after tax of N1.81bn, an 88.0 per cent increase from N962.91m in 2023. Gross earnings grew to N5.20bn, while total comprehensive income stood at N2.29bn, reflecting an improvement from N1.36bn in the previous year.
Africa Prudential’s equity increased to N10.84bn, driven by a rise in retained earnings and a higher fair value reserve.
The company also reported that it sold assets worth N9.32m during the year, up from N3.11m in 2023.
The PUNCH reported that Prudential Plc has announced its intention to acquire the remaining shares of its joint venture, Prudential Zenith Life Insurance Limited, taking full ownership of the Nigerian insurance firm.
