Major UK life insurance company launches in Uganda
Prudential Plc’s CEO for Africa and President Museveni mark significant UK investment
On 8 July, Matt Lilley, CEO Africa for Prudential Plc, accompanied by Acting High Commissioner Mary Shockledge, held a meeting with Ugandan President Yoweri Museveni, to discuss the launch of Prudential’s Ugandan operation. Prudential’s entry into the Ugandan market marks a major British investment in the country, with the planned creation of 2,000 high quality jobs by 2020. Prudential’s stated objective in Uganda is to create a market-leading insurer, serving the growing long-term savings needs of Ugandans.
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 by the end of 2014 had more than $773.3 billion of assets under management. Through the acquisition of the Ugandan company “Goldstar Life Assurance” – now known as Prudential Uganda - it has selected Uganda as its third insurance market in Africa. This follows the launch of Prudential Ghana and Prudential Kenya in 2014.
Mr Lilley said: “This … is an important milestone for Prudential and our growing African 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.”