Prudential Assurance Uganda Limited last week announce that customers will receive a total performance bonus of UGX1.5 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 claimever since we entered this market”,he added.
The bonus applies to customers who have been consistent in paying their premiums and have completed atleast one year with Prudential as at 31st 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.
Prudentialcontinues 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 addressingmarket needs, and that customerexpectationsare being met.
Together with other markets, Prudential Group now manages assets worth USD 900 billion dollars and on 30th May 2018, Prudential will celebrate 170 years of supportingcommunities in Africa, Asia, United States of America and United Kingdom through protection, investment, tax revenue and employment.