Prudential Financial, Inc (PFI) and LeapFrog Investments have announced the launch of the $350 million investment partnership gain access to high-growth markets in Africa.
A statement from PFI towards the Ghana News Agency on Friday said, managed by LeapFrog, the fresh investment vehicle would target investments in adult life insurance firms in Ghana together with other leading economies, including Kenya and Nigeria, to be made with a three to five-year period.
Charles Lowrey, the Executive Vice chairman and Chief Operating Officer of PFI’s International Businesses, said “this investment expands PFI’s footprint into Africa, a continent that many of us believe offers tremendous chance of growth in the long run.
“We are delighted to partner with LeapFrog Investments, given their deep expertise in Africa, and impressive record of success as insurance investors focused on emerging consumers.”
The statement said LeapFrog Investments includes a long qualifications in Ghana, through its Financial Inclusion Fund Leapfrog is picked up fast-growing Petra Trust, and that is Ghana’s leading independent provider of savings and pensions products.
Doug Lacey, Partner at LeapFrog Investments, said “the global insurance industry is researching ways to close the safety gap for many individuals in emerging markets.
“This partnership can help address that require.? Ghana is definitely a exciting market and features strong growth prospects, alongside Nigeria and Kenya.
“Insurance penetration ratio in Ghana is low, as well as need to have is great. We’re delighted to broaden our relationship with PFI, a values-driven partner whom could well and greatly respect because of its global leadership in adult life insurance, retirement and asset management.”
PFI is really an investor in LeapFrog’s most up to date private equity finance fund and a noticeably individual in the LeapFrog Insurance Innovation Circle, a knowledge-sharing and innovation initiative that convenes most of the world’s leading insurers and reinsurers.
PFI is usually a financial services leader exceeding A dollar trillion of assets under management since September 30, 2015, with operations in the usa, Asia, Europe and Latin America.
PFI’s diverse and talented staff is dedicated to helping individual and institutional customers grow and protect their wealth through a a number of product or service, including a life insurance policy, 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 using leaders to attain leaps of growth, profitability and impact.
Today, LeapFrog companies reach over 51 million people across 21 emerging markets. Over 36 million are emerging consumers, often accessing insurance, savings, pensions or credit in my ballet shoes.
The LeapFrog team draws on decades of operational experience and in-market knowledge to help build businesses that achieve profit with purpose.
Launched seven years back, LeapFrog has now unlocked over $1 billion in third-party assets, all focused on paying for companies serving emerging consumers.
LeapFrog portfolio companies reach 51.8 million individuals Africa and Asia, almost all whom are acquiring insurance or another financial services in my ballet shoes.