IAA’s Business Acquisition By Prudential Will Improve Insurance Services – Regulator

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The Insurance Regulatory Authority (IRA) has described the deal between Prudential Uganda and International Air Ambulance Healthcare (IAA) as a move that will further strengthen service delivery and deepen insurance penetration.  

Prudential Uganda has successfully transferred the policyholders, staff, and agents of IAA to its business through a process presided by the insurance industry’s supervisory body, IRA.

Prudential Uganda is a wholly-owned subsidiary of Prudential Asia with operations in eight African countries.

Speaking during the official virtual announcement, IRA chief executive officer Ibrahim Kaddunabbi, said: “It is global practice that businesses world overcome together to forge synergies and partnerships that lead to better and more beneficial output for their businesses. Similarly, in Uganda, we have seen this across various businesses, sectors, and industries, more so in Uganda’s insurance sector.

“Both IAA Prudential Uganda have each enjoyed good market share and leadership in their various portfolios over the years and a move of this magnitude tells of their continued efforts to remain at the top.”

Launched in 2015, Prudential is now one of the largest life and health insurers Uganda, providing a full-suite of health, savings, and protection solutions through its market-leading distribution and servicing team.

Arjun Mallik, Regional chief executive officer of Prudential Eastern and Central Africa, said: ”This development is a major milestone for our business in Uganda and demonstrates our commitment to rapidly expand in Africa which is an important part of Prudential’s growth strategy.

“At Prudential, our purpose is to help people get the most out of life. We want to assure our new and existing customers that we are committed to continuously provide them with quality and affordable health insurance, delivered with the highest level of service,” Mallik said.

Kaddunabbi added that: ” Mergers and acquisitions breed healthy competition and bring about customer-centric innovations and improved service delivery which will in turn result in greater insurance penetration and more people being protected.”

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Andre Tait, General Manager, IAA Healthcare said, “Following a review of our operations and the need to refocus and repurpose our business while ensuring continued value to our customers and all stakeholders, we made a decision to transfer our health insurance business to Prudential Uganda. We are committed to ensure a seamless transition of all existing and new IAA Healthcare policyholders to our new partner.”

Sukhmeet Sandhu, chief executive officer at International Medical Group said: “This transfer of business highlights our commitment to ensuring the provision of quality and affordable services of international standards across our network in Uganda”.

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