Prudential increases bonuses to savers

Insurance company, Prudential Uganda says products that easily respond to the needs of Ugandans will be the sure way to grow the sector in Uganda.

At 0.8 percent, penetration in Uganda is the one of the lowest in Africa, but Prudential East Africa says in a few years, Uganda will be competing with powers like South Africa.

This while announcing a 2.5billion shillings payout to its clients as bonus on their savings for last year, a 67% increase from 2017.

The bonus is added onto a client’s guaranteed amount, and is paid on maturity of the policy or upon death or disability of the policy holder.

The bonuses arise from the investment of the savings and are awarded for consistent saving.

Managing Director Arjun Mallik says the growth will be steady, because it is being led by the life and medical insurance sections.