Insurance company Prudential Uganda on Tuesday announced a Shs 2.5billion bonus pay out to its clients’ savings for the year 2018.
The company which entered the Ugandan market four years ago has seen incremental bonus pay outs to clients, according to Urjun Mallik, the Managing Director Prudential East Africa.
Mr Mallik told press in Kampala that the Shs 2.5 billion bonus pay out is a 67% increase from the previous year’s pay out.
“This amount is added onto the clients’ guaranteed amount and paid upon maturity of the policy, loss of life or disability,” he said.
“The bonus applies to customers who have been consistent in paying their premiums and have completed at least one year with prudential as at December 31 2018.”
Mallik says since setting shop in the country, Prudential has made successful investments in “carefully selected assets on behalf of our customers.”
“The profits generated from these investments are then shared with our customers in form of bonuses every year.”
In spite of a considerably low uptake of insurance in Uganda, Mr Mallik says the industry has in the recent past seen some accelerated growth.
According to the Uganda Insurance Association, life insurance generated premiums worth Shs 224billion in the year 2018 alone, up from Shs 168billion in 2017, which is a 33% increase.
As a company, he says, Prudential remains among the fastest growing in Uganda, with up to 270% increase in revenue since 2015, and a 200% growth in customer numbers.