By Estella Jones
Prudential plc, one of the largest and best known life insurance companies in the world, has selected Uganda as its third insurance market in Africa by acquiring Goldstar Life Assurance.
The company in 2014 launched Prudential Ghana and Prudential Kenya.
It has ambitious plans to create a market-leading insurer serving the growing long-term savings needs of Ugandans. The company says it intends to create 2,000 high quality jobs to Ugandans by 2020, which will be a mixture of employees and self-employed agents.
President Yoweri Museveni who met Matt Lilley the CEO Africa of Prudential plc, welcomed one of the largest and most well-known life insurance companies in the world to Uganda.
“We welcome you to Uganda. Your investment will go a long way in creating income and employment for our people,” Museveni said.
Museveni said there is a need for growth in agriculture, industry, services and ICT as government’s priority sectors to drive economic development.
He urged investors in these sectors to add value addition and promote insurance for farmers to enable them engage in commercial agro production.
Matt Lilly the Prudential plc Africa Chief Executive Officer said his company intends to create 2000 high quality jobs by 2020, which is a mixture of employees and self-employed agents.
“The acquisition of Goldstar, which is now known as Prudential Uganda, is an important milestone in Prudential’s growth in Africa following the launch of Prudential Ghana and Prudential Kenya in 2014, “Lilley said.
According to available information, Prudential has also signed a longtime cooperation agreement with Crane Bank to explore opportunities to work together across Uganda.
“This announcement is an important milestone for Prudential and our growing Africa business. We look forward to working with our new colleagues at Prudential Uganda to build the business, generate jobs and develop innovative products to help Ugandans plan for the future. We are delighted to cooperate with Crane Bank, one of the leading financial services firms, and look forward to working with them to serve our customers in the future,” Matt Lilley said.
Prudential plc is incorporated in England and Wales and is one of the world’s leading financial services groups and has been in existence for more than 167 years.
Its entry however in Uganda’s market will face competition from 27 other insurance companies offering life and non-life insurance packages.
Prudential provides insurance and financial services through its subsidiaries and affiliates throughout the world. It has around 24 million insurance customers in the UK, USA, Asia and Africa and more than US$773.3billion of assets under management as per 2014
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