Prudential plc (“Prudential”) has today announced further expansion in West Africa by acquiring a majority stake in Group Beneficial, a leading life insurer operating in Cameroon, Côte d’Ivoire and Togo.
Group Beneficial provides savings and protection products to over 300,000 customers through 41 branches and more than 2,000 agents. The acquisition will significantly add to Prudential’s growing scale in Africa, and is subject to various conditions and regulatory approvals.
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. Group Beneficial is a well-established business in West Africa with a strong management team with whom we look forward to working to build on their successes. Following the completion of this transaction, Prudential will operate in markets in Africa with a total population of almost 400 million.”
Eddie Ford Brown, Chairman and Chief Executive of Group Beneficial, said: “We are very excited to be part of one of the world’s strongest and most trusted insurers. We look forward to working with our new colleagues at Prudential to enhance our offering to customers and grow our business across the region.”
Notes to Editors:
About Group Beneficial
Group Beneficial currently operates a life and general insurance business in Cameroon, and life insurance businesses in Côte d’Ivoire and Togo. It was founded by Allen R. Brown Sr. in 1995.
About Prudential plc
Prudential plc and its affiliated companies constitute one of the world’s leading financial services groups, serving 26 million customers and it has £657 billion of assets under management (as at 31 December 2018). Prudential plc is incorporated in England and Wales and is listed on the stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
About Prudential in Africa
Prudential has insurance operations in five countries in Africa: Ghana, Kenya, Uganda, Zambia and Nigeria. With approximately 500,000 customers, Prudential Africa works with over 4,000 agents and six exclusive bank partnerships, with access to over 600 branches, to bring value-added insurance solutions to its customers.