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
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
- 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.”