PRUDENTIAL PLC has completed its acquisition of Professional Life Assurance Zambia following the receipt of regulatory approvals.
According to Prudential Africa chief executive officer Matt Lilley, the company was now present in four African countries.
Prudential Plc is one of the oldest and most strongly capitalised life insurance companies in the world.
Mr. Lilley said the acquisition was a milestone, saying the company was looking forward to develop the business and help more Zambians plan for the future.
“We are very excited by the opportunities created by our acquisition of Professional Life Assurance. It is yet another milestone in our strategy of entering markets which possess strong economic growth and an expanding middle class. We look forward to working with our new colleagues throughout the country.
“The acquisition demonstrates Prudential’s commitment to Africa following the launch of businesses in Ghana and Kenya in 2014, and in Uganda last year. Professional Life Assurance will rebrand and trade under the Prudential name in due course,” Mr Lilley said.
He said the company currently had 12 branches in Zambia and wished to spread to all parts of the country.
Mr. Lilley explained that the Professional Life Assurance would write and transact long-term insurance including individual life assurance, group life assurance, credit life assurance, funeral insurance, and health insurance and managed health care schemes, annuities and group pensions.
“Professional Life Assurance is a licensed long-term insurer, pension fund manager and pension scheme administrator. So far we have 12 branches and sales offices in Livingstone, Choma, Mazabuka, Lusaka, Kabwe, Chipata, Kasama, Ndola, Kitwe, Chingola, Lumwana and Solwezi,” he said.
Prudential was founded in London in 1848 and enables families to protect themselves against life’s misfortunes and save for aspirations such as school or university fees.
The company has $794 billion of assets under management and has operations in the UK, the US, Africa and 14 markets in Asia.