17 Nov 2015
Life insurance can create sustainable growth, jobs and security for families in Kenya
Prudential Kenya, a subsidiary of Prudential plc, has today launched ground-breaking research which concludes that life insurance can raise funds for growth, create thousands of jobs and provide security for families in Kenya.
The research, Life Insurance Markets in Sub-Saharan Africa, was conducted by the Overseas Development Institute, the UKs leading independent development think-tank. It found that life insurance can raise high quality funds to support economic growth.
The study also concluded that eight unskilled jobs are created for every high-skilled job in life insurance. Most jobs in the industry are taken by women, a group who can have limited opportunities for well-paid work. Prudential Kenya has already pledged to create 4,000 high-quality jobs by 2020, which will strengthen Nairobi’s position as the premier financial hub in East Africa.
Life insurance provides security for families and reduces their reliance on government welfare, according to the research. An education savings plan from a life insurance company can, for example, provide cash sums for university or school fees even when a family’s main earner dies and further payments cannot be made. Life insurance also provides a way for households to make long-term savings.
Matt Lilley, CEO of Prudential Africa, said: “This research clearly shows how life insurance can promote growth, create thousands of jobs and provide security for families in Kenya. Prudential Kenya has already invested over a billion shillings in the country’s economy and has pledged to create thousands of high-quality jobs by 2020. We are excited that our business will play such a significant role in Kenya’s development.”
Judith Tyson, the report’s author from the Overseas Development Institute, said: “This research demonstrates that life insurance has an important role to play in the development of Africa. It can raise finance for economic growth. It also creates much-needed, high-quality employment and enhances stability for families.”
Tom Willetts, Prudential plc: +44 7780226720
Allan Kamau, Portland: +254 (0) 20 4231 528
About Prudential Life Assurance Kenya
Prudential provides long-term protection and investment opportunities to Kenyans through innovative and affordable saving products. Prudential is committed to creating 4,000 jobs in Kenya by 2020.
About Prudential plc
Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world's leading financial services groups, serving around 25 million customers and with £505 billion of assets under management (as at 30 June 2015). Prudential plc 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 the Overseas Development Institute
The Overseas Development Institute is the UK's leading independent think tank on international development and humanitarian issues. The ODI’s mission is to inspire and inform policy and practice which lead to the reduction of poverty, the alleviation of suffering and the achievement of sustainable livelihoods in developing countries. The ODI provides high-quality research, policy advice, consultancy services and tailored training – bridging the gap between research and policy and using innovative communication to mobilise audiences.