PRUDENTIAL plc, one of the world’s oldest and most strongly capitalised life insurers, today opens for business in Zambia. This follows the acquisition of Professional Life Assurance by Prudential last month and the granting of regulatory approval.
Professional Life Assurance is now known as Prudential Life Assurance Zambia and becomes part of one of the largest financial services companies in the world. Prudential, listed on the London, Singapore and Hong Kong stock exchanges, has 24 million life insurance customers in the UK, Asia, the United States and Africa, and US$660 billion of assets under management.
The launch demonstrates Prudential’s commitment to Africa following the opening of businesses in Ghana and Kenya in 2014, and in Uganda last year.
Prudential has ambitious plans to create a market-leading insurer serving the growing long-term savings needs of Zambians. It intends to create hundreds of high quality jobs, which will be a mixture of employees and self-employed agents. Prudential Zambia will also draw on its expertise from throughout the world to provide high quality products for customers.
Prudential has a long track record of making substantial investments in the communities in which it operates in the UK, Asia, the United States and elsewhere in Africa. Prudential Zambia intends to offer 1,000 Prudential Scholarships to support young people who are marginalised and excluded from secondary education, including girls and those with disabilities.
Matt Lilley, Chief Executive of Prudential Africa, said: “We are delighted to launch Prudential Zambia, which has the distinction of simultaneously being both the country’s newest and oldest insurance company. Although we are launching Prudential Zambia today, Prudential has provided insurance for 168 years and is one of the best-known and most trusted company names in the world. Our customers in Zambia will be able to count on the strength and experience of one of the world’s leading insurers.”
Krishnaswamy Rajagopal, Chief Executive of Prudential Zambia, said: “We are very excited to be part of one of the world’s strongest and most respected companies and look forward to working with colleagues globally to provide high quality products for our customers. I am also delighted that we will be able to make a substantial investment to offer 1,000 Prudential Scholarships over five years to support marginalised young people.”