Prudential enters Uganda insurance market
One of the world largest insurance players, Prudential plc, has entered the Uganda insurance market. Prudential plc acquired Goldstar Life Assurance previously owned by Sudhir Ruparelia of the Ruparelia Group, owners of Crane Bank, Speke Resort Munyoyo, Kampala Boulevard, among others.
One of the world’s oldest and most strongly capitalised life insurers, announced in Kampala mid-June that over and above acquiring Goldstar Life Assurance of Uganda, it had also “ formed a long-term strategic partnership with Crane Bank.”
Uganda becomes Prudential’s third African insurance business, following the entries into Ghana and Kenya in 2014.
Prudential plc is incorporated in England and Wales and is one of the world’s leading financial services groups. Prudential has been in existence for more than 167 years and provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has around 24 million insurance customers in the UK, US, Asia and Africa, and more than US$ 773.3 billion of assets under management (as at 31 December 2014).
Matt Lilley, Prudential Africa CEO said, “I am delighted that we can now offer Ugandan customers the benefits of our experience and financial integrity. With our blend of global strength and local understanding, we are uniquely placed to help you build a better and more secure life for your family.”
Prudential plc specializes in life assurance. “Our customers invest with us for the long term, and to meet their expectations we invest their savings in long-term assets in the local economy, such as infrastructure projects, helping to foster further growth in what is already one of the fastest-growing regions of the world,” said Prudential plc as their core business.