By STANSLOUS NGOSA –
PRUDENTIAL Plc, one of the world’s oldest insurers has started operating in Zambia.
The establishment of the business undertaking follows the acquisition of Professional Life Assurance by Prudential last month and the granting of regulatory approval.
The firm also opened businesses in Ghana and Kenya in 2014, and in Uganda last year.
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.
Prudential Africa chief executive Matt Lilley said  in Lusaka  that the company decided to set a business in Zambia because of the potential economic growth that had seen the country move from a low to middle income nation.
“It intends to create hundreds of high quality jobs, which will be a mixture of employees and self-employed agents,” Mr Lilley said
He said, despite Zambia having the low insurance penetration levels, the country was a best destination because of the growth prospects of the economy.
“We are delighted to launch Prudential Zambia, which has the
distinction of simultaneously being both the country’s newest and oldest insurance company.
Although we are launching Prudential Zambia today, Prudential has provided insurance for 168 years and is one of the best-known and most trusted company names in the world.
Our customers in Zambia will be able to count on the strength and experience of one of the world’s leading insurers,” he said.
Prudential Zambia chief executive Krishnaswamy Rajagopal said he was excited to be part of one of the world’s strongest and most respected companies and looked forward to working with colleagues globally to provide high quality products for our customers.
Prudential Zambia is a licensed long-term insurer, pension fund manager and pension scheme administrator. Professional Life writes and transacts long-term insurance including individual life assurance, group life assurance, credit life assurance, funeral insurance, health insurance and managed health care schemes, annuities and group pensions.
The company has 12 branches and sales offices in Livingstone, Choma, Mazabuka, Lusaka, Kabwe, Chipata, Kasama, Ndola, Kitwe, Chingola, Lumwana and Solwezi.
“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 marginalised young people,” he said
Mr Rajagopal said Prudential Zambia intends to offer 1,000 Prudential Scholarships to support young people who are marginalised and excluded from secondary education, including girls and those with disabilities.
He said Prudential Zambia will also draw on its expertise from
throughout the world to provide high quality products for customers.
Prudential has ambitious plans to create a market-leading insurer serving the growing long-term saving needs of Zambians.
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.