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Societe Generale Ghana and Prudential Life Insurance Ghana, a subsidiary of Prudential plc, have signed an agreement to establish a long-term partnership to jointly develop their businesses in Ghana.

The proposed partnership, subject to regulatory approval, will enable Prudential to offer the benefits of life insurance to many more Ghanaians. The insurance group will now be able to reach customers through Societe Generale Ghana’s branches, as well as the fast-growing Prudential agency force.

Partnering with Prudential, one of Ghana’s fastest-growing life insurance companies, will enable Societe Generale Ghana to expand its range of market-leading products and services and to continue the bank’s strategy of offeringinnovative and high quality products. 

Societe Generale Ghana’s staff will benefit from intensive training and sales tools offered by Prudential, while its customers will have access to a greater range of protection and savings products.

This collaboration marks a further step in Prudential’s strategy to develop its business in Ghana, one of Africa’s most dynamic life insurance markets.

Under the terms of the agreement, Prudential's life insurance products will be distributed through Societe Generale Ghana’s 39 branches in Ghana.

Jackie Hunt, CEO of Prudential UK, Europe & Africa, said: “We are delighted to sign our first bank partnership in Africa. Elsewhere in the world, Prudential has built successful life insurance businesses by combining our best-in-class agency forces with strong long-term partnerships with banks. We are following the same strategy in Africa.

This agreement marks a great step forward in that strategy and positions us well to continue to grow our business in Ghana, one of our key African markets. We are especially proud to partner with Societe Generale in Ghana, one of the largest and most successful banks in West Africa.”

Gilbert Hie, Managing Director of Societe Generale Ghana, said: “We remain committed to meeting all the financial services needs of our customers throughout Ghana, and this includes life insurance. To best be able to do this, we are very pleased to enter into this bancassurance partnership with Prudential, one of the world’s leading life insurance companies.

We are confident that with the strong branch network and dedicated staff of Societe Generale Ghana, together with Prudential’s expertise in life insurance, we will be ideally positioned to service our clients and meet all their insurance needs.”

Emmanuel Aryee, CEO of Prudential Life Insurance Ghana, said: “This partnership is a great step forward for Prudential Ghana and will enable us to bring the benefits of life insurance to many more Ghanaians.

We look forward to working with Societe Generale Ghana to strengthen our partnership and develop innovative products that meet our customers’ changing needs – whether that is saving for their children’s education, protecting their loan repayments, or making sure that, after they pass on, their families will be able to meet their financial obligations.”

Francois Marchal, Deputy Managing Director of Societe Generale Ghana, pointed out that the bank strives to provide easy and effective banking and other financial solutions for their customers and the launch of bancassurance services means each customer now has the opportunity to make the bank their one-stop-financial-retail shop and enjoy the convenience of being able to build their dreams as well as insure them all under one trusted roof. Customers can therefore be guaranteed the best protection against the unforeseen predicaments of life.