Insurance customers with policies in Prudential Assurance will start receiving a total performance bonus worth Ugx 1.5 billion for their policies. The bonuses are added to the guaranteed amount and paid upon maturity, loss of life, or disability.
Customers who have been consistently paying their premiums and have completed upto one year insuring with the Company will be eligible for the offer.
Prudential continues to offer innovative products that meet the savings, health and protection needs of the fast-growing middle class in Uganda. Their average revenue growth over the last two and a half years is 322% each year.
Strategy, innovative products and strong execution have driven growth across all business lines. They have doubled 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.
Speaking to media 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.
