Prudential Assurance Uganda Limited, a subsidiary of Prudential plc, today opened its new headquarters and also launched Pru EduSave, a new savings plan which helps parents achieve the best possible futures for their children.
The plan, which was launched at Prudential Uganda’s new headquarters on Kampala Road, will enable parents to save for school or university fees while also earning a high return. Pru EduSave is an alternative to taking out a loan which usually charges interest, and has been approved by the Insurance Regulatory Authority of Uganda.
This savings plan will give parents peace of mind and protection for their loved ones. If a parent passes away, Prudential will pay a lump sum and waive the need to make further payments into the savings plan. In addition, the company will pay out a final lump sum to cover the child’s school or university fees.
Parents can save as little as UGX 100,000 a month into the savings plan for between 5 to 20 years.
The new headquarters and the launch of Pru EduSave are important steps in Prudential’s plan to create a market-leading insurer serving the growing long-term savings needs of Ugandans. Prudential Uganda intends to create 2,000 high-quality jobs by 2020, which will be a mixture of employees and self-employed agents.
His Excellency President Museveni launched Prudential Uganda’s operations in June this year after Prudential acquired Goldstar Life Assurance, with Goldstar Life’s existing life insurance customers becoming Prudential policyholders.
Alhaj Kaddunabbi Ibrahim Lubega, CEO of the Insurance Regulatory Authority of Uganda, said: “A company with the history, global reach and strength of Prudential is welcome in Uganda. A strong, healthy life insurance industry creates a virtuous circle of security, savings and investment that can make a major contribution to future prosperity. Prudential’s arrival in Uganda is a good example of this. I am glad to see you have put forward a robust business plan that involves investment to strengthen and expand the business, including a commitment to create 2,000 high-quality jobs by 2020. The inauguration of your headquarters this morning is one sign that you are putting this plan into action. The launch of Pru EduSave is another. I congratulate you on both of these developments.”
Matt Lilley, CEO Africa, Prudential plc, said: “I am delighted that we have opened our new headquarters in Kampala, which will act as our hub for our operations throughout the country. Pru EduSave is an easy way for parents to save for their children’s education, which is often the most significant investment they will ever make.”
Tom Willetts, Prudential plc: +44 7780226720
Allan Kamau, Portland: +254 (0) 20 4231 528
About Prudential Assurance Uganda Limited
Prudential provides long-term protection and investment opportunities to Ugandans through innovative and affordable products. Prudential is committed to creating 2,000 jobs by 2020.
About Prudential plc
Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one of the world’s leading financial services groups, serving around 25 million customers and with £505 billion of assets under management (as at 30 June 2015). Prudential plc is listed on the stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.