10 Jul 2019
Prudential plc completes acquisition of a majority stake in Group Beneficial, a leading life insurer in Cameroon, Côte d’Ivoire and Togo
Prudential plc (“Prudential”) one of the oldest and most respected life insurers in the world has completed its acquisition of a majority stake in Group Beneficial, a leading life insurer operating in West and Central Africa. Group Beneficial provides savings and protection products to over 300,000 customers through 41 branches and more than 2,000 agents.
The acquisition enhances Prudential’s growing scale in Africa by entering into Cameroon, Côte d'Ivoire and Togo which have a combined population of over 65 million. This demonstrates Prudential’s continued commitment to Africa following the launch of businesses in Ghana, Kenya, Uganda, Zambia and Nigeria in the last five years. Prudential now operates in markets in Africa with a total population of almost 400 million.
Group Beneficial will rebrand and trade under the name Prudential Beneficial and Prudential Belife in due course.
Matt Lilley, Chief Executive of Prudential Africa, said: “Prudential’s purpose is to take the worry out of life’s big financial concerns, helping our customers face the future with confidence. Today’s announcement is a key milestone for Prudential in Africa where since 2014, we have been successfully building our business in markets with exceptional long-term potential. We are excited by the opportunities in Cameroon, Côte d'Ivoire and Togo and to be working with our new colleagues at Group Beneficial to build on their successes.”
Eddie Ford Brown, Chairman and Chief Executive of Group Beneficial said: “We are delighted about becoming part of Prudential, which is one of the world’s most respected companies. We look forward to working with our new colleagues throughout the globe to provide high quality products and services for our customers.”
Notes to Editors:
About Group Beneficial
Group Beneficial currently operates a life and general insurance business in Cameroon (Beneficial Life Insurance S. A. and Beneficial General Insurance S.A.), and life insurance businesses in Côte d’Ivoire (Belife Insurance) and Togo (Beneficial Life Insurance S.A.). It was founded by Allen R. Brown Sr. in 1995.
About Prudential plc
Prudential plc and its affiliated companies constitute one of the world's leading financial services groups, serving 26 million customers and it has £657 billion of assets under management (as at 31 December 2018). Prudential plc is incorporated in England and Wales and is listed on the stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.
About Prudential in Africa
Prudential has insurance operations in five countries in Africa: Ghana, Kenya, Uganda, Zambia and Nigeria. With approximately 500,000 customers, Prudential Africa works with over 4,000 agents and six exclusive bank partnerships, with access to over 600 branches, to bring value-added insurance solutions to its customers.
Tom Willetts, Prudential plc: +44 (0)20 3977 9760/ +44 (0)7740 226720
Addy Frederick, Prudential plc: +44 (0)20 3977 9399/ +44 (0)7790 928066