The Brown Family has announced the full acquisition of Prudential Plc's operations in Francophone Africa. These operations, previously a joint venture between Prudential and the the pan-African group Beneficial, now operate under the new identity: Belife Insurance.
The insurance subsidiaries taken over are in Cameroon, Cote d’Ivoire and Togo. These entities were formed through a joint venture entered into between the two parties in July 2019.
“This change is not just a transition. It is the beginning of a new dynamic, driven by our passion for Africa and a clear vision: to become a leading insurance company on the continent, more agile and closer to its employees and customers,” said Mr Eddie Ford Brown, chairman and CEO of Belife Insurance Group.
In Africa, Prudential sold these subsidiaries to focus on more profitable markets, particularly those in English-speaking Africa (Uganda, Zambia, Nigeria, Ghana, and Kenya).