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Prudential Insurance launches in Zambia

Filed under: Business,Latest News |
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Matt Lilley, Chief Executive of Prudential Africa (L) and Krishnaswamy Rajagopal, Chief Executive of Prudential Zambia (R).

Matt Lilley, Chief Executive of Prudential Africa (L) and Krishnaswamy Rajagopal, Chief Executive of Prudential Zambia (R).

Prudential Plc has taken over the investment of Professional Life Assurance, one of the world’s oldest and most strongly capitalized life insurers, on Tuesday opened for business in Zambia. This follows the acquisition of Professional Life Assurance by Prudential last month and the granting of regulatory approval.

The company launched its presence in Zambia Tuesday at a Media Breakfast held at intercontinental Hotel in Lusaka.

The company which previously traded as Professional Life Assurance is now known as acquired and Prudential Life Assurance Zambia and becomes part of one of the largest financial services companies in the world. Prudential, listed on the London, Singapore and Hong Kong stock exchanges, has 24 million life insurance customers in the UK, Asia, the United States and Africa, and US$660 billion of assets under management.

Matt Lilley CEO for Prudential African who addressed the media breakfast in the morning said  Prudential has ambitious plans to create a market-leading insurer serving the growing long-term savings needs of Zambians.

“It intends to create hundreds of high quality jobs, which will be a mixture of employees and self-employed agents. Prudential Zambia will also draw on its expertise from throughout the world to provide high quality products for customers,” Lilley told journalists.

“Prudential has a long track record of making substantial investments in the communities in which it operates in the UK, Asia, the United States and elsewhere in Africa. Prudential Zambia intends to offer 1,000 Prudential Scholarships to support young people who are marginalized and excluded from secondary education, including girls and those with ddisabilitie,” he said.

Meanwhile Krishnaswamy Rajagopal, Chief Executive of Prudential Zambia, said: “We are very excited to be part of one of the world’s strongest and most respected companies and look forward to working with colleagues globally to provide high quality products for our customers. I am also delighted that we will be able to make a substantial investment to offer 1,000 Prudential Scholarships over five years to support marginalized young ppeopl,” 

And answering questions from the media on how much penetration is Prudential likely to enter the Zambia informal sector, Rajagopal said the company already has a programme were those who are not in employment and have no bank accounts can acquire assurance though a deliberate program called BANTU BONSE. The said premium account works mostly with mobile phones were client pay for their assurance through talk time. He disclosed that in the previous financial year, the company has received close to a million Kwacha in premiums though the informal sector and the company recommitted in ploughing back to the community through social responsibility.

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