CEO’s appointment seeks to centralize Prudential’s continental operations
Kampala, Uganda | RONALD MUSOKE | Prudential plc, a life and health insurance and asset management firm, has appointed Emmanuel Mokobi Aryee as its new Chief Executive Officer for Africa.
Until his new appointment, Mokobi has been working Prudential’s regional Chief Executive Officer for East & Central, as well as West and Southern Africa.
According to a statement from the firm, Mokobi’s appointment, which will start on Jan.01, next year in Nairobi, seeks to centralize Prudential’s operations in Africa as well as strengthen and grow the business in markets where it currently operates.
Prudential mainly provides life and health insurance and asset management in Africa and Asia. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. It also protects people’s wealth, helps them grow their assets, and empowers them to save for their goals.
In Africa, Prudential has over one million customers and the firm works with over 11,000 agents and six exclusive bank partnerships, with access to over 600 branches, to bring value-added insurance solutions to its customers.
The new CEO will now oversee the operations of Prudential in its eight African markets which include; Cameroon, Cote d’Ivoire, Ghana, Kenya, Nigeria, Togo Uganda and Zambia.
Mokobi is a well-known industry expert, with more than 29 years of experience of commercial leadership in Africa. His past experience includes turning around businesses on the African continent, moving Prudential to the number one market position in some countries, and gaining recognition as an innovative player.
Over the years, he has also nurtured employees and created room for talent to thrive. Solmaz Altin, the Prudential Managing Director, Strategic Business Group, said he was pleased with Mokobi’s new role.
“Africa is a strategic growth driver for our Group, building the talent and capacity to drive the next level of business growth is key and will foster greater efficiency and effective decision making to help us deliver on our purpose of helping people in Africa get the most out of life by making healthcare and financial security more accessible and affordable,’’ Solmaz Altin, the Prudential Managing Director, Strategic Business Group.
Africa is a continent with great potential. According to data from Swiss Re Institute ranks the continent as the second-fastest growing insurance market in the world after South America, with a total value of US$68 billion.
Yet, Africa has a large uninsured population as reflected in the low insurance penetration levels which currently stand at 2.8%. This, Altin says, points to significant headroom for expansion of the underwriting market, also given the population is expected to double to two billion by 2050.
“As a purely Asia and Africa-focused business, we are investing in people and technology to build the capacity to serve more customers on the continent. Today, Prudential serves over 1.7 million customers in Africa through a distribution network of more than 13,000 agents and 600 bank branches.”
“We are confident that the Africa business will continue to thrive under the stewardship of Mokobi,” Altin said.