Prudential kick starts its Africa expansion
AFRICA – UK-based financial services firm Prudential has acquired a majority stake in Group Beneficial, a life insurer operating in Cameroon, Côte d’Ivoire and Togo. The acquisition is subject to various conditions and regulatory approvals.
Group Beneficial provides savings and protection products to over 300,000 customers through 41 branches and more than 2,000 agents.
Prudential said, during its end of year results, that the deal is part of the firm’s growth plan to develop its business in Africa. It hopes to cater to “one of the world’s most under-served life markets”.
Matt Lilley, chief executive of Prudential Africa, said, “Since 2014, Prudential has been successfully building its African business through organic and inorganic growth in markets with exceptional long-term prospects for the products and services we offer to customers. Following the completion of this transaction, Prudential will operate in markets in Africa with a total population of almost 400 million.”
The financial terms of the deal were not disclosed.