Prudential Insurance moves into Zambia
Prudential Insurance Company has entered the life insurance market in Zambia by acquiring Professional Life Assurance.
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Professional Life Assurance provides a range of long-term savings products and is Zambia’s fourth largest life insurance company. The acquisition demonstrates Prudential’s commitment to Africa, following the launch of businesses in Ghana and Kenya in 2014 and in Uganda last year.
Prudential was founded in London in 1848 and enables families to protect themselves against life’s misfortunes and save for aspirations such as school or university fees.
The company has US$794 billion of assets under management and has operations in the UK, the US, Africa and 14 markets in Asia.
Prudential brand
Professional Life Assurance will in future trade under the Prudential brand.
The transaction, which is subject to regulatory approval, is expected to complete in the first quarter of 2016.
The Chief Executive of Prudential Africa, Mr Matt Lilley, said: “This is an important milestone for Prudential and our growing portfolio of high quality life insurance businesses in Africa. We are excited by the opportunities in Zambia and look forward to working with our new colleagues to further develop the business and put our ambitious plans into action.”
The Chief Executive of Prudential Ghana, Mr Emmanuel Aryee, added that “Prudential’s entry into Zambia demonstrates its long-term commitment to invest in Africa. We at Prudential Ghana benefit enormously from being able to draw on the expertise of colleagues based elsewhere in Africa and also in the UK, the US and Asia. We are delighted to welcome our Zambian colleagues to Prudential Africa and look forward to working with them to create value for our customers and communities".
