Prudential Financial, Inc (PFI) and LeapFrog Investments have announced the launch of a $350 million investment partnership to access high-growth markets in Africa.
A statement issued by PFI to the Ghana News Agency on Friday said, managed by LeapFrog, the new investment vehicle would target investments in life insurance companies in Ghana and other leading economies, including Kenya and Nigeria, to be made over a three to five-year period.
Charles Lowrey, the Executive Vice President and Chief Operating Officer of PFI’s International Businesses, said “this investment expands PFI’s footprint into Africa, a continent that we believe offers tremendous potential for growth over the long term.
“We are delighted to partner with LeapFrog Investments, given their deep experience in Africa, and their impressive record of success as insurance investors focused on emerging consumers.”
The statement said LeapFrog Investments has a long track record in Ghana, through its Financial Inclusion Fund Leapfrog is currently invested in fast-growing Petra Trust, which is Ghana’s leading independent provider of savings and pensions products.
Doug Lacey, Partner at LeapFrog Investments, said “the global insurance industry is looking for ways to close the protection gap for millions of people in emerging markets.
“This partnership will help address that need. Ghana is a very exciting market and has strong growth prospects, alongside Nigeria and Kenya.
“Insurance penetration ratio in Ghana is low, and the need is great. We are delighted to broaden our relationship with PFI, a values-driven partner whom we know well and greatly respect for its global leadership in life insurance, retirement and asset management.”
PFI is an investor in LeapFrog’s most recent private equity fund and also a member of the LeapFrog Insurance Innovation Circle, a knowledge-sharing and innovation initiative that convenes many of the world’s leading insurers and reinsurers.
PFI is a financial services leader with more than $ 1 trillion of assets under management as of September 30, 2015, with operations in the United States, Asia, Europe and Latin America.
PFI’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management.
In the U.S., PFI’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.
LeapFrog invests in extraordinary businesses in Africa and Asia, and partners with their leaders to achieve leaps of growth, profitability and impact.
Today, LeapFrog companies reach over 51 million people across 21 emerging markets. More than 36 million are emerging consumers, often accessing insurance, savings, pensions or credit for the first time.
The LeapFrog team draws on decades of operational experience and in-market knowledge to help build companies that achieve profit with purpose.
Launched seven years ago, LeapFrog has now unlocked over $1 billion in third-party assets, all dedicated to investing in companies serving emerging consumers.
LeapFrog portfolio companies reach 51.8 million people in Africa and Asia, the majority of whom are acquiring insurance or other financial services for the first time.
Source: GNA
| Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
