Africa’s population is projected to double to more than two billion by 2050[1]. Its middle class is set to grow even faster – from 120 million to nearly one billion[2]. By then, Africa will be characterised by a youthful, working age population living predominantly in cities (55 percent of the population will be urban based), with the main consumer segment of digitally active millennials reaching their peak earning years.
As the people of Africa become more affluent, there will be increasing demand for solutions that can help them protect their health and grow their wealth. Today, Africa’s insurance penetration rate, at 2.7 percent[3], is among the lowest in the world and its out-of-pocket heath spending ratio is the world’s highest (over a third compared to a quarter in Asia[4]).
There is a huge opportunity for Prudential to accelerate financial inclusion in Africa, and help its people get the most out of life by making insurance and healthcare more accessible.
Prudential Africa’s rise to prominence
Africa is not new to Prudential. In fact, we have come a long way in Africa since eight years ago when we made an investment in the continent with the acquisition of Express Life Ghana in 2014. Today, we are operating in eight attractive and culturally diverse markets – Ghana (since 2014), Kenya (since 2014), Uganda (since 2015), Zambia (since 2016), Nigeria (since 2017), Cameroon, Côte d'Ivoire and Togo (all three since 2019).