UK-based diversified insurance conglomerate Prudential has entered into Africa with the acquisition of Express Life in Ghana.
Financial terms of the transaction have not been disclosed by the parties. The acquisition has marked Prudential’s foray into African life insurance market.
In 2012, LeapFrog invested in Express Life, which was then considered the largest foreign direct investment in Ghana’s insurance industry.
Accra-based Express Life manages branches in several of the Ghana provinces and has 306 staff, according to the statement.
An e-mailed statement of LeapFrog was quoted by Bloomberg as saying that Prudential, the UK’s biggest insurer by market value, acquired a majority stake from LeapFrog Investments.