Prudential Plc (PRU) bought Ghana’s Express Life Co., marking the U.K. company’s entry into the African life insurance market.
Prudential, the U.K.’s biggest insurer by market value, acquired a majority stake from LeapFrog Investments for an undisclosed sum, Leapfrog said in an e-mailed statement today. It also bought out a smaller investor, giving the company 100 percent ownership, a Prudential spokesman said.
LeapFrog invested in Express Life in 2012, which was then the largest foreign direct investment in Ghana’s insurance industry. Express Life, based in Accra, Ghana has branches in several of the nation’s provinces and 306 employees, according to the statement.
Prudential also has a fund-management business in South Africa, which oversees about 150 billion rand ($14.3 billion) in assets.
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