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 insurance companies 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.