logoBC
Yaoundé - 21 March 2023 -
Insurance

British Prudential acquires stakes in Cameroonian insurer Beneficial group

British Prudential acquires stakes in Cameroonian insurer Beneficial group
  • Comments   -   Thursday, 12 December 2019 13:49

(Business in Cameroon) - British insurance giant Prudential has finally obtained all the necessary authorizations from the various regulators to acquire a majority stake in Beneficial group, controlled by Ivorian Belife Insurance, a “major player in life insurance, based in West and Central Africa.

Thanks to this transaction, whose amount has not been disclosed yet, Beneficial Life Insurance’s subsidiaries in Togo, Côte d'Ivoire and Cameroon (two Life and non-life subsidiaries) are being transferred to Prudential. The British group is thus strengthening its presence in Africa, after its first offices in Ghana, Kenya, Uganda, Zambia, and Nigeria.

Belife Insurance thus succeeded in concluding a deal with Prudential, after a first failed attempt in 2014 with the Moroccan RMA Watanya, which became, in 2016, Royal Moroccan Insurance (RMA), the insurance subsidiary of FinanceCom group, majority shareholder of Banque marocaine pour le commerce extérieur (BMCE) and Bank of Africa (BOA).

According to our sources, after the preliminary agreement concluded in 2014 between Belife Insurance and RMA, the two parties were unable to complete the transaction announced to amount to US$6.2 (XAF3.1 billion), 38% stakes in Beneficial.

Good sources indicated that RMA finally chose to go into the bancassurance sector instead of taking stakes in Beneficial Insurance.

Brice R. Mbodiam

car-s-touadera-agrees-to-revise-the-law-on-bitcoin
The President of the Central African Republic, Faustin Archange Touadéra, has pledged to respect the rules governing the financial environment of the...
cemac-heads-of-state-make-progress-on-the-cfa-reform-during-their-latest-meeting
During their latest meeting last March 17 in Yaoundé, the Cemac Heads of State decided on a gradual revision of the monetary cooperation framework with...
cemac-bank-credit-supply-to-large-companies-down-18-2-yoy-in-q3-2022
The volume of bank credit received by large companies in the Cemac region dropped by 18.2% year-on-year in the third quarter of 2022, official Beac data...
hysacam-blames-disruptions-in-waste-collection-on-fuel-shortages
The Cameroonian Hygiene and Health Company (Hysacam) explained, in a statement published this week, the reasons behind the recent disruptions in its waste...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »