Prudential Uganda has Thursday announced bonuses worth Shs1.5 billion to be paid to its customers who hold different insurance policies with the company.
But the bonus will go to customers who have been consistent in paying their premiums and have completed at least one year with the company as at December 2017.
According to the officials, the policies are added to the guaranteed amount and paid upon maturity of the policy, loss of life or disability.
Speaking at the media dialogue held at the Pearl of Africa Hotel in Kampala, the Chief Executive Officer Arjun Mallik said: “There has been a double-digit increase in bonus from Shs700 million last year, reflecting a solid investment performance.”
Mallik said Prudential invests money in carefully selected assets on behalf of customers, who receive a share of the profits as bonus each year.
He said Prudential Uganda last year had a significant large pool of funds as a result of increased number of their customers choosing to plan their financial future with the company. “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 said.
Mallik said the company’s innovative products and strong execution have driven growth across all the company’s business lines, adding that the company has for the last two years doubled its market share with the average revenue growth of 322 per cent.
Worldwide, Prudential manages assets worth US $900 million.
According to the Insurance Regulatory Authority 2017 half –year results, Life insurance generated premiums worth Shs75 billion in 2017, up from Shs60 billion in the period 2016.
