By Ekema Njoku. M.
Prudential PLC has completed a deal to acquire a majority of shares in Beneficial Life Insurance S.A.
The over 165-year-old Prudential PLC established in London, serves 26 million customers across its branches manned by its over 600,000 agents spread over four continents.
Beneficial Insurance on its part has over 300,000 customers with 2,000 agents, and 41 branches in its 45years of existence.
Both companies are merging to have a great share of the market, as well as provide their services in Africa, where Beneficial has mastery. They are also looking forward to increasing the presence of Beneficial in Asia, UK, US where Prudential PLC has a grasp.
Beneficial Group is one of the pioneers of life insurance in West and Central Africa. She is a leading insurer, operating as Beneficial Life Insurance in Cameroon, Togo and Ivory Coast.
With her growing business in Africa, in countries like Ghana, Kenya, Uganda, Zambia, and Nigeria respectively, Prudential now operates eight markets in Africa.
At a press conference in Douala, on July 10, the PDG of group Beneficial, Mr Eddie Ford Brown remarked that, “We are excited to be part of one of the world’s strongest and most trusted insurers, we look forward to working with our new colleagues at Prudential to enhance our offering to customers and grow our business across the region”. Ford has been at the helm of Beneficial Group for over 20 years. He took over from Mr Brown Senior.
To the Africa Chief Executive of Prudential PLC, Matt Lilley “Prudential’s tenacity is to take the worry out of life’s big financial concerns, helping our customers face the future with confidence. This announcement of today is a key milestone for Prudential in Africa, that has since 2004 been successfully building a business market with exceptional long-term potential in countries like Ivory Coast, Togo, and Cameroon where we find ourselves today to work with our new colleagues at Group Beneficial and also build on their successes.”
When asked how both companies intend to strategize, and on the future of employees of both companies after this partnership? Eddie Ford Brown responded that, “Prudential has done an awesome job when it comes to digital and we intend to benefit on this, and improve on our banking style and life insurance which is our main priority.
Eddie further added that, “It is a great opportunity for both companies but it will help those of Beneficial Group because they can journey from one angle of the continent and globe not only the three areas Cameroon, Togo, Ivory Coast where Beneficial are in control. Fortunately, we can penetrate the other countries and continents within the grasps of Prudential like Ghana, Zambia, Kenya, Uganda, Nigeria and the United Kingdom in Europe, other branches in Asia and United States of America.” With Prudential completing the acquisition of majority stakes of Group Beneficial, the business has been rebranded ‘Prudential Beneficial Cameroon’. There are no changes of Board members, as Mr. Eddie Brown remains Executive Chair of Group Beneficial and Madame Allyson Brown Chair of Beneficial Life Insurance, Togo and Beneficial General Insurance, Cameroon.