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Prudential Enters Kenyan Market After Acquisition

Insurance company plans to create 4,000 jobs by 2020

Prudential PLC purchased Shield Assurance earlier this week, securing its entry into the Kenyan market. The company will continue to operate as Shield Assurance however other changes to the company are expected. CEO Matt Lilley said of the acquisition:

Today’s announcement is an important milestone for Prudential and represents our first step towards the creation of a new business in East Africa. We now look forward to working with our new colleagues at Shield to create one of Kenya’s leading life insurers, generating jobs and serving our customers

Lilley believes Kenya is a great country to do business. Prudential will only focus on life insurance to begin with although this could change in the future. Currently only 1 percent of the Kenyan population has life insurance, something Prudential is betting it can change.

Henry Rotich, Treasury Cabinet Secretary, said the government is planning to strengthening customers’ rights with regards to insurance. Currently just over 3% of the population have insurance due to a large degree of mistrust in insurance companies. Prudential will be setting up their headquarters of their East Africa division in Nairobi.

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