Published On: Fri, Jan 22nd, 2016

Investment aims to grow Nigeria’s insurance sector

rainy dayLAGOS, (CAJ News) – A US$350 million partnership has been launched to explore investments in Nigeria’s life assurance sector.

Prudential Financial, Inc. (PFI) and LeapFrog Investments have announced the collaboration.

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.

“Nigeria is a very exciting market, ranked in the top three in Africa for growth prospects, alongside Kenya and Ghana,” said Lacey.

Lacey said insurance penetration in Nigeria remained low and they saw real opportunities for growth.

“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,” said Lacey.

Charles Lowrey, Executive Vice President and Chief Operating Officer of PFI’s International Businesses, said this investment expanded PFI’s footprint into Africa, a continent they believed offered 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,” said Lowrey.

The new investment vehicle will target investments in life insurance companies in Nigeria and other leading economies, including Kenya and Ghana, to be made over a three- to five-year period.

CAJ News

Featured Video