Prudential Financial, Inc. (NYSE:PRU) and LeapFrog Investments announced
today the launch of a $350 million investment partnership to access
high-growth markets in Africa. Managed by LeapFrog, the new investment
vehicle will target investments in life insurance companies in leading
economies on the continent, including Ghana, Kenya and Nigeria, to be
made over a three- to five-year period.
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Charles Lowrey, executive vice president and chief operating officer of
Prudential’s International Businesses, said “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. (NYSE: PRU) 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 http://www.news.prudential.com/.
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. More information is available at www.leapfroginvest.com
and on Twitter @LeapFrogInvest.
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