Prudential expands further in West and Central AfricaJuly 15, 2019
Picture caption: Matt Lilley (right) with Eddie Ford Brown, Chairman and Chief Executive of Group Beneficial
We have completed our acquisition of a majority stake in Group Beneficial, a leading life insurer operating in West and Central Africa.
Group Beneficial provides savings and protection products to over 300,000 customers through 41 branches and more than 2,000 agents.
The acquisition enhances our growing scale in Africa by entering Cameroon, Côte d’Ivoire and Togo, which have a combined population of over 65 million. It demonstrates our continued commitment to Africa following the launch of businesses in Ghana, Kenya, Uganda, Zambia and Nigeria in the last five years. We now operate in markets in Africa with a total population of almost 400 million.
Group Beneficial will rebrand and trade under the name Prudential Beneficial and Prudential Belife in due course.
Matt Lilley, Chief Executive of Prudential Africa, said: “This is a key milestone for Prudential in Africa where, since 2014, we have been successfully building our business in markets with exceptional long-term potential. We are excited by the opportunities in Cameroon, Côte d’Ivoire and Togo and to be working with our new colleagues at Group Beneficial to build on their successes.”
Categorised in: Corporate News