Togo: Prudential Beneficial Life Insurance Claims CFA5 billion Turnover in 2022

Finance

Tuesday, 20 June 2023 16:44

Togo: Prudential Beneficial Life Insurance Claims CFA5 billion Turnover in 2022

(Togo First) - Operating in Togo for nearly two decades, Prudential Beneficial Life Insurance has seen considerable growth, achieving a turnover of CFA5 billion in 2022 compared to less than CFA3 billion in 2015. This financial update was shared with the press in Lomé on June 19, coinciding with the company's 175th-anniversary celebrations.

Justin Quam Gbadago, the Managing Director of the Togolese branch of this British insurance company, attributed the enhanced turnover to the firm's burgeoning customer base, which now exceeds 52,000, and its comprehensive network of commercial agents, totaling 600. Prudential Beneficial has established a strong presence in Togo, with 11 branches: eight in Lomé, one in Atakpamé, one in Kara, and one in Dapaong.

The insurer currently provides a diverse range of 15 products, including savings-only options, end-of-career bonuses, combined products, and death insurance. However, Gbadago highlighted that a sixteenth product should follow soon as "We have received in 2023 authorization to market a new product, 'Pension Plus,' a basic savings plan that also covers funeral expenses."

Prudential Beneficial occupies the fourth position among the six active insurance companies in Togo, holding 14% of the market share. The firm continues to grow domestically and took a significant step forward in 2019 when it formed a joint venture with Beneficial Life.

Esaïe Edoh

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