Prudential Uganda is pleased to announce a bonus payout of UGX 2.5 billion on its clients’ savings for the year 2018, a 67% increase over last year. This was announced by Arjun Mallik the Managing Director, Prudential East Africa at a media dialogue held in Kampala.
This amount is added onto the clients’ guaranteed amount and paid upon maturity of the policy, loss of life, or disability. The bonus applies to customers who have been consistent in paying their premiums and have completed at least one year with Prudential as at 31st December 2018.
Prudential has continued to register excellent investment growth from our continued investments in carefully selected assets on behalf of our customers. The profits generated from these investments are then shared with our customers in the form of a bonus every year.
The announcement comes at a time when Prudential Group (worldwide) registered an impressive financial performance with total profit of USD 6.5 billion, Gross Written Premiums of USD 63 billion now manages assets worth USD 900 billion
Today, we serve over 25 million customers word wide in Africa, the United Kingdom, USA and Asia.
Prudential has been successfully building its African footprint in markets with exceptional long-term prospects, with businesses in Ghana, Kenya, Uganda, Zambia and Nigeria. Recently this year Prudential plc acquired a majority stake in insurance companies in Cameroon, Côte d’Ivoire and Togo.
Here in Uganda, we remain one of the fastest growing life insurers in the country. Our revenues have grown at a CAGR of 272% since 2015, our customer numbers have grown by a CAGR of 200%. Our successful strategy, innovative products that address crucial needs, and our track record of honoring every single genuine claim for over 170 years has driven growth across our business, as many Ugandans choose to plan their financial future with us.
According to the Uganda Insurers Association 2018 provisional figures, life insurance (including Medical) generated premiums worth UGX 224 billion in 2018, up from UGX 168 billion in 2017 which represents a 33% increase in Gross Written Premium.
Prudential continues to offer innovative products that meet the savings, health and protection needs of the fast-growing middle class in Uganda.