Prudential Plc, one of the world’s oldest and most strongly capitalised life insurers, has entered its third African insurance market by acquiring Goldstar Life Assurance in Uganda.
The move, according to the company, is an important step forward in Prudential’s strategy of expanding across Africa following the launch of businesses in Ghana and Kenya.
Prudential has also signed a long-term cooperation agreement with Crane Bank in Uganda to explore opportunities to serve customers across the country.
Prudential now has over a million customers and more than 1,000 agents and employees in Africa.
Prudential Ghana, its first insurance business in Africa, has already nearly tripled the number of agents and also signed a distribution agreement with Societe Generale.
It has also launched the unique Hospital Cash and Farewell plans.
Matt Lilley, Africa CEO of Prudential said: “We want to become Africa’s leading life insurer and today’s announcement is an important step towards achieving that ambitious vision.
“Our talented Ghanaian team has shown over the past year how much we can achieve with the right people, investment and support.
“We look forward to working with our new Ugandan team, and colleagues across Prudential Africa to build on this success and bring the benefits of life insurance to more customers across Africa.”
Emmanuel Aryee, CEO, Prudential Ghana, said the acquisition of an insurance firm in Uganda shows Prudential’s long-term commitment to investing in Africa.
He said with its growing regional presence, Prudential is establishing a firm foothold to provide long-term finance for sustainable development in the continent, as it has done elsewhere in the world.
“Prudential Ghana benefits enormously from sharing expertise with colleagues across the global business, helping us to develop innovative products and services, increase customer satisfaction and move closer to our goal of becoming the life insurer of choice for Ghanaians,’ Aryee said.
About Prudential Ghana Prudential Life Insurance Ghana is one of the top 10 life insurance companies in Ghana. It employs around 70 staff and has more than 700 agents and over 1.3 million customers. It is a wholly-owned subsidiary of Prudential plc. Source: Modern Ghana