Prudential plc enters Zambia by acquiring Professional Life Assurance Prudential plc, one of the oldest and most strongly capitalised life insurance companies in the world, has today entered the life insurance market in Zambia by acquiring Professional Life Assurance.
Professional Life Assurance provides a range of long-term savings products and is Zambia’s fourth largest life insurance company.
The acquisition demonstrates Prudential’s commitment to Africa following the launch of businesses in Ghana and Kenya in 2014, and in Uganda last year.
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.
Professional Life Assurance will in future trade under the Prudential brand. The transaction, which is subject to regulatory approval, is expected to complete in the first quarter of 2016. Matt Lilley, Chief Executive of Prudential Africa, said: “Today’s announcement is an important milestone for Prudential and our growing portfolio of high quality life insurance businesses in Africa.
We are excited by the opportunities in Zambia and look forward to working with our new colleagues to further develop the business and put our ambitious plans into action.”