Markets & Finance

Prudential Assurance enters Zambia

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Prudential CEO for Africa Matt Lilley. PHOTO | FILE

UK firm Prudential Assurance that came back to the Kenya market 18 months ago has entered Zambia underlining the company’s expansion plans in Africa.

Prudential has entered the life insurance market in Zambia by acquiring Professional Life Assurance.

It started operations in Ghana in 2014 and in Uganda last year after re-entering the Kenya market in September 2014 through acquisition of Shield Assurance, the life assurance arm of the collapsed Blue Shield Insurance.

“Prudential’s entry into Zambia demonstrates its long-term commitment to investing in Africa. We at Prudential Kenya benefit enormously from being able to draw on the expertise of colleagues based elsewhere in Africa and also in the UK, US and Asia,” said Andrew Greenwood, acting chief executive of Prudential Kenya.

The company has $794 billion assets under management and has operations in the UK, the US, Africa and 14 markets in Asia.

The transaction, which is subject to regulatory approval, is expected to be completed by the end of March.

Life insurance uptake in Africa is low creating space for new investors to play in. Some of the international players that are expanding across the continent include Morocco based Saham Group and South Africa’s Sanlam.