Prudential declares UGX 1.5 billion in bonuses to its customers

By Joseph Lubandi

Posted on May 10, 2018

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Kampala, Uganda: 10^th May, 2018

Bonuses double compared to last year
Average revenue growth of 322% over the last two years
Honoured all claims

Prudential Assurance Uganda Limited is pleased to announce that customers will receive a total performance bonus of UGX 1.5 billion on their policies. These bonuses are added to the guaranteed amount and paid upon maturity of the policy, loss of life, or disability.

Speaking at a media dialogue held at Pearl of Africa, Arjun Mallik CEO Prudential Uganda said “There has been a double-digit increase in bonus from UGX 700 million last year, reflecting a solid investment performance. Prudential invests money in carefully selected assets on behalf of customers, who receive a share of the profits as a bonus each year, provided they pay their premiums regularly.’’

“We also had a significantly larger pool of funds as a result of increased number of customers choosing to plan their financial future with us. This has to do with our products addressing crucial needs and our track record of honouring every single genuine claim ever since we entered this market”, he added.

The bonus applies to customers who have been consistent in paying their premiums and have completed at least one year with Prudential as at 31^st December 2017.

Our successful strategy, innovative products and strong execution have driven growth across all our business lines. We have doubled our market share in Uganda every year in the last two years. According to the Insurance Regulatory Authority 2017 half-year provisional report, Life insurance generated premiums worth UGX 75 billion in 2017, up from UGX 60 billion in the same period in 2016.

(Right -Left): Zephania Dube, Chief Operations Officer, Arjun Mallik, Chief Executive Officer, and Nashiba Nalubega, Marketing and Communications Officer, Prudential Uganda, display the bonus snapper frame to Press at Pearl of Africa Hotel.

Prudential continues to offer innovative products that meet the savings, health and protection needs of the fast-growing middle class in Uganda. Our average revenue growth over the last two and a half years is 322% each year.

This growth demonstrates that Prudential is highly effective in addressing market needs, and that customer expectations are being met.

Together with other markets, Prudential Group now manages assets worth USD 900 billion dollars and on 30^th May 2018, Prudential will celebrate 170 years of supporting communities in Africa, Asia, United States of America and United Kingdom through protection, investment, tax revenue and employment.

Ends

Enquiries:

Nashiba Nalubega

Communications, Prudential Uganda

Email: nashiba.nalubega@prudential.ug

Mobile: +256 785 652 653

About Prudential Uganda

Prudential Uganda is a wholly owned subsidiary of Prudential plc UK, one the largest and most trusted life insurance companies in the world with 170 years of experience. We serve over 25 million customers world-wide, in the UK, USA, Asia and Africa. Prudential plc is listed on the stock exchanges in London, Hong Kong, Singapore and New York. In Uganda we are leaders in providing long-term solutions for children’s education through our Pru Edusave product and provides meaningful work and opportunities for over 700 people. Prudential Uganda is regulated by Insurance Regulatory Authority.

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