Prudential Assurance Uganda customers to get huge bonuses

Prudential Assurance Uganda Limited announced Wednesday that customers will receive a total performance bonus of UGX 1.5 billion on their policies.

These bonuses, officials said, will be added to the guaranteed amount and paid upon maturity of the policy, loss of life, or disability.

Arjun Mallik, CEO Prudential Uganda, told reporters in Kampala, that this is a double-digit increase in bonus from UGX 700 million last year, which he said reflects 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,” he said.

“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.”

The bonus, he said, applies to customers who have been consistent in paying their premiums and have completed at least one year with Prudential as at 31st December 2017.

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.

Together with other markets, Prudential Group now manages assets worth USD 900 billion dollars and on 30th May 2018 the company which recently entered the Ugandan is set to celebrate 170 years of supporting communities in Africa, Asia, United States of America and United Kingdom through protection, investment, tax revenue and employment.