Prudential Life Assurance Kenya

Prudential Kenya invests for growth in its first year


Prudential Kenya, a subsidiary of Prudential plc, has demonstrated its commitment to Kenya by investing over a billion shillings in the country during its first year of operations.

The insurance company, which was launched in September last year by President Kenyatta, has ambitious
expansion plans and expects to invest significantly in Kenya over the next five years. Prudential Kenya currently offers a range of products such as PruEduSave, which is an easy way for parents to save for school
fees.

Prudential Kenya’s key achievements over the past year include:

  • East African hub. Nairobi has become Prudential’s hub for its operations in East Africa and
    demonstrates Prudential’s confidence in the city as an attractive centre for business. Prudential is
    returning to the Prudential Assurance building on Wabera Street in Nairobi, its headquarters between
    1959 and 1984.
  • Jobs. Prudential is committed to Kenya and has increased its agency force by 60 per cent over the last
    year. It is on track to create 4,000 high-quality jobs by 2020. Prudential has appointed Andrew
    Greenwood as Chief Operating Officer for Prudential Africa, a highly experienced life insurance
    expert who has worked in several markets in Africa. Prudential’s world-class training programs have
    benefitted several hundred Kenyans this year and our local management team have already spent
    significant time in the UK and Asia learning the best practices from Prudential’s global experience.
  • Capital. Over a billion shillings have been invested in the business. Ksh250 million is regulatory
    capital, which is substantially higher than the minimum threshold of Ksh150 million. Prudential
    expects to invest several times this amount over the coming five years.
  • Education programmes. Prudential is committed to investing in Kenya’s future and will support over
    200 gifted secondary school students for five years, mentored in many cases by Prudential’s
    employees.
  • Bancassurance. Prudential has signed a long-term partnership with Standard Chartered Bank Kenya.
    It will enable Standard Chartered and Prudential to collaborate in developing and distributing best-inclass
    insurance solutions to customers through the bank’s 38 branches in Kenya.
  • Prudential Uganda. This business was launched last month after the acquisition of Goldstar Life
    Assurance. It is an important step in Prudential’s strategy of expanding in East Africa and the first
    satellite of the Nairobi hub we have established.

Matt Lilley, CEO Africa, Prudential plc, said: “Prudential has already invested over a billion shillings in Kenya and we expect to invest significantly in Kenya over the next five years. We are committed to Kenya and are excited about the thousands of jobs we will create and that our products will have a positive impact on people’s lives.”

Charles Mang’ee, CEO of Prudential Life Assurance Kenya, said: “We are excited about our return to the
Prudential building in Nairobi, the thousands of high quality jobs we are creating and that we are investing in Kenya’s future through our education programmes.”


Note to Editors

About Prudential Life Assurance Kenya

Prudential Kenya provides long-term protection and investment opportunities to Kenyans through innovative and affordable saving products. Prudential Kenya is committed to creating 4,000 jobs by 2020. For more information visit www.prudentiallife.co.ke.

About Prudential plc

Prudential plc, which is incorporated in England and Wales, and its affiliated companies constitute one of the world’s leading financial services groups, serving more than 24 million insurance customers. It has been in existence for over 170 years and has USD 905 billion in assets under management (as at 30 June 2018). 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 Andrew Greenwood

Andrew Greenwood is Chief Operating Officer of Prudential Africa. He is based in Nairobi and is responsible
for supporting leadership teams in Prudential’s businesses across Africa. He was previously Managing Director of Metropolitan Cannon Life Kenya, a subsidiary of the South African Insurer MMI. He has spent over 12 years in the insurance industry in Kenya and has also worked in South Africa, Botswana and Nigeria.

Media Enquiries

Sanam Dadhiala +254 (0)735 103 286 sanam.dadhiala@tell-em-pr.com

Gwen Kinisu +254 (0)701 152 500 Gwen.Kinisu@Prudentiallife.co.ke