US insurer Prudential Financial, Inc. and LeapFrog Investments announced the launch of a $350 million investment partnership to access high-growth markets in Africa. The partnership, to be managed by LeapFrog, will invest in life insurance companies in African countries, including Ghana, Kenya and Nigeria, over three-to-five years.
Charles Lowrey, executive vice president and chief operating officer of Prudential’s International Businesses, said in the press release “This investment expands Prudential’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.”
Dr. Andrew Kuper, founder and CEO of LeapFrog Investments, 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, while tapping some of the world’s highest growth markets. We are delighted to broaden our relationship with Prudential, a values-driven partner whom we know well and greatly respect for its global leadership in life insurance, retirement and asset management. By enabling LeapFrog to pursue larger and more established assets than via our private equity funds, this partnership also diversifies our capability as an alternative investment group.”
Prudential is an investor in LeapFrog’s most recent private equity fund, and also a member of the LeapFrog Insurance Innovation Circle, a knowledge-sharing and innovation initiative that convenes many of the world’s leading insurers and reinsurers.
About Prudential Financial, Inc.
Prudential Financial, Inc. is a financial services leader with more than $1 trillion of assets under management as of September 30, 2015, with operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit.
About LeapFrog Investments
LeapFrog invests in extraordinary businesses in Africa and Asia, and partners with their leaders to achieve leaps of growth, profitability and impact. Today, LeapFrog companies reach over 51 million people across 21 emerging markets. More than 36 million are emerging consumers, often accessing insurance, savings, pensions or credit for the first time. The LeapFrog team draws on decades of operational experience and in-market knowledge to help build companies that achieve profit with purpose. Launched seven years ago, LeapFrog has now unlocked over $1 billion in third-party assets, all dedicated to investing in companies serving emerging consumers. For more information visit.