NEWARK, N.J. & Johannesburg – Prudential
Financial, Inc. (PFI) and LeapFrog Investments announced today the launch of a
$350 million investment partnership to access high-growth markets in
Africa. Managed by LeapFrog, the new
investment vehicle will target
investments in life insurancecompanies in Nigeria and other leading economies,
including Kenya and Ghana, to be made over a three- to five-year period.
Charles Lowrey, 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.”
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.
Insurance penetration in Nigeria remains low and we see 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.”
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.
About
PFI
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. For more information, please visit www.pramericafinancial.com.
PFI of the United States is not affiliated in any manner with Prudentialplc, a
company incorporated in the United Kingdom. Pramerica Financial is a trade name
used by PFI in certain markets.
About
LeapFrog Investments
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.
More information is available at www.leapfroginvest.com
and on Twitter @LeapFrogInvest.
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