by Ekema Njoku
Prudential PLC and Beneficial Life Insurance S.A. have broken new grounds in the Cameroon financial service sector by merging to form Prudential Beneficial Cameroon. The two companies made this information public Wednesday July 10, 2019 during press conference in Douala. Both companies disclosed that Prudential PLC had completed a deal to acquire majority shares in Beneficial Life Insurance S.A.
Erstwhile Beneficial Group CEO, Eddie Ford Brown said, “We are excited to be part of one of the world’s strongest and most trusted insurers.” The proud Mr. Brown- Group Beneficial boss for more than 20 years explained, “We look forward to working with our new colleagues at Prudential to enhance our offering to customers and grow our business across the region.”
Prudential Africa Chief Executive, Matt Lilley said “Prudential’s tenacity is to take the worry out of life’s big financial concerns, helping our customers face the future with confidence. Mr. Lilley explained that the exercise was a key milestone for Prudential in Africa. “Since 2014”, Mr. Lolley disclosed that Prudential Africa has successfully been building its African market through organic and inorganic growth in markets with exceptional long term prospects for products and services the company offers. They have opened a flourishing business market with in countries like Ghana, Kenya, Nigeria, Uganda and Zambia. The financial magnet explained that in line with this new development, Prudential Africa finds itself working with new colleagues at Beneficial Group and also builds on their successes. Working as Prudential Beneficial- its new name- the company now operates in eight markets across Africa with a total of population of almost 400 million.
WIN WIN affair for Prudential PLC and Beneficial Life Insurance S.A
Mr. E.F. Brown who took over the baton from Mr. Brown Senior announced that the deal was a great opportunity for both companies but it will help those of Beneficial Groups because they can journey from one angle of the continent and globe not only the three areas Cameroon, Togo, Cote d’ Ivoire where Beneficial Group are in control. He added, “Fortunately, we can penetrate the other countries and continents where Prudential has a grasp of like Ghana, Zambia, Kenya Uganda, Nigeria and the United Kingdom in Europe, other area branches in Asia and United States of America.”
With Prudential completing the acquisition of majority stakes of Beneficial Group, the business is rebranded to Prudential Beneficial Cameroon. With no changes in board members as Mr Eddie Brown remains Executive Chair of Group Beneficial and Madame Allyson Brown, Chair of Beneficial Life Insurance, Togo and Beneficial General Insurance, Cameroon.