Prudential Financial, LeapFrog seal $350m partnership deal

Prudential Financial Inc. (PFI) and LeapFrog Investments have entered into a $350 million investment partnership to access high-growth markets in Africa.

PFI, a global player in wealth and fund administrator, already has more than $1 trillion of assets under management as of September 30, 2015, with operations in the United States, Asia, Europe and Latin America.

Managed by LeapFrog, the new partnership will target investments in life insurance companies in Nigeria and other leading economies on the continent like Kenya and Ghana, to be made over a three- to five-year period.

The Executive Vice President and Chief Operating Officer, PFI’s International Businesses, Charles Lowrey, 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.”

The Partner at LeapFrog Investments, Doug Lacey, 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.