LeapFrog backs principles aimed at steering trillions into impact investments, collaborating with IFC and World Bank

Bali, Indonesia, October 12 2018:

LeapFrog Investments, the leading Profit with Purpose investment manager, today announced its co-design of and support for Operating Principles for Impact Management issued by the IFC and World Bank Group. The nine principles were created to set a basic market standard for impact investing. They will serve as a guide to deployment of capital by institutional investors – including pension and sovereign funds, insurers and banks, endowments and family offices. The impact investment market stands at $228 billion today, a five-fold increase from the 2016 launch of the UN Sustainable Development Goals.

At the Annual Meetings of the World Bank Group and the International Monetary Fund, LeapFrog Founder and CEO Dr. Andrew Kuper joined global investment leaders to launch the draft Principles. The panel session was opened by Dr. Jim Kim, President of the World Bank Group, who urged investors to focus on the role impact investing could play in helping solve the financing challenge necessary to achieve global development objectives.

Dr. Kuper commented: “LeapFrog’s philosophy of Profit with Purpose, for a decade, has required pioneering of impact metrics and measurement methodologies, as our companies have surged to reach 140 million people. We are so glad to see and support the rapid growth now of our wider industry. We see these draft Principles as an essential step forward in providing clear guidance to institutional investors. With a trillion dollars expected to come into the impact investing space in coming years, there is an urgent need to ensure that ‘impact washing’ is minimised and that true commercial and social outcomes are achieved.”

“Now is the time—while the market is still young— to develop common principles of how to manage investments for impact,” said IFC CEO Philippe Le Houérou. “Our ambition is to grow the market for impact investing exponentially by bringing in institutional investors who hold close to $100 trillion in assets under management.”

Earlier this week, LeapFrog was awarded Impact Asset Manager of the Year at the Global Steering Group Impact Summit in Delhi. Chaired by Sir Ronald Cohen, the GSG originated in the G8 Social Impact Investment Taskforce.

LeapFrog was able to contribute real-world experience to the design of the principles, based on repeated experience in application across the private equity investment cycle. Over the ten years, the LeapFrog team developed a distinctive proprietary measurement framework, FIIRM, which encompasses financial, impact, innovation and risk management factors. FIIRM incorporates measurement of financial and operational Key Performance Indicators as well as governance indices, which are benchmarked to global best practice standards. This enables LeapFrog’s investment teams and portfolio company CEOs and CIOs to measure and drive performance towards both profitability and impact objectives. The FIIRM system is complemented by an in-house Consumer Insights team, gleaning feedback from customers in-store, by telephone and online, as well as extensive emerging consumer research data sets.

LeapFrog was launched in September 2008. At the launch, President Clinton and Dr Kuper committed LeapFrog to a target of reaching 25 million lower-income emerging consumers with financial tools within a decade, whilst delivering strong profits to investors. Today, LeapFrog companies reach 140 million people with financial tools or healthcare, of whom 117 million are lower income people, per the World Bank definition of living on under USD $10 per day per person in the household.

Simultaneously, LeapFrog companies have grown revenue on average at 40 per cent per year over the decade. Several of LeapFrog’s companies have been acquired by Allianz, Standard Chartered, Fidelity, Prudential PLC, Swiss Re and other global corporations, regularly doubling or tripling investors’ capital.

Last year, Fortune ranked LeapFrog as one of the top 5 companies changing the world, alongside Apple and Novartis, becoming the first private investment firm ever listed.

IFC led the development of the draft principles in partnership with asset managers, asset owners, asset allocators, development banks and financial institutions. Through the end of 2018, IFC is inviting additional reviews from investors, companies, academics, civil society and governments. The principles will be available for investors to sign on to after that. The final principles and the first set of signatories are expected to be announced at the Spring Meetings of the World Bank Group and the IMF in April 2019 in Washington, D.C.

UT Life Insurance rebrands to miLife Insurance, along with its new slogan; Live More

Accra, Ghana, 9 October 2018:

UT Life Insurance, a leading player in the life insurance sector in Ghana, today announced a comprehensive corporate re-branding consisting of a new corporate brand name, a new identity, slogan and a renewed focus. The company revealed its new name, miLife Insurance, along with its new slogan; Live More.

The rebranding reflects both the evolution of the company as well as its vision for the future. The singular focus of the new brand is in putting the customer at the heart of the business by making purchasing and owning insurance simple, affordable and more accessible. miLife’s new vision is to: be the leader in helping Ghanaians build their dreams, one customer at a time through its educational, savings, funeral and term assurance policies, and group life covers which offer protection for death, disability and critical illness.

CEO of miLife Insurance Kwaku Yeboah-Asuamah commented: “We have always focused on serving our customers well and have a reputation for both customer-centricity and speed in paying out claims. This re-launch of UT Life Insurance to miLife Insurance further signals to customers that we have embarked upon an even deeper commitment to help enrich lives and support dreams by making access to insurance easier, affordable and more accessible.”

“This strategic rebranding reaches the bedrock of our business and has provided a north star for process improvement, product refinement and a better customer experience,” Mr. Yeboah-Asuamah added.

“We’re immensely excited for the future with the miLife team. By focusing on opening up accessibility to life insurance and taking the complexity out of purchasing and owning insurance for all Ghanaians, we are giving customers a more certain future and the confidence to pursue their dreams,” said Michael Joyce, Director at LeapFrog Investments and miLife Board member.

The company has also changed its logo, tagline as well at website address to miLifeghana.com. Today also marked the launch of miLife’s new brand campaign “Be the Hero”. The campaign seeks to encourage individuals to be the hero of the family by choosing miLife to help protect their dreams and aspirations.

About miLife Insurance Ltd.
miLife Insurance Ltd is one of the leading life insurers in Ghana and a local success story. miLife focuses on providing, simple, affordable and more accessible life and savings insurance products to the mass market. The business provides educational, savings, funeral and term assurance policies. It also provides group life covers which offers protection for death, disability and critical illnesses.

LeapFrog Investments acquired a controlling stake in the business in December 2015, with the purpose of guiding miLife to reach new heights in the insurance market, by providing innovative and affordable life assurance products and services. miLife is now capitalized at GHS 56.8 million making it one of the most capitalized life insurance companies in Ghana, four times the regulatory capital requirement of GHS 15 million. Visit miLifeghana.com

LeapFrog invests in Pyramid Group, the largest distributor of cardiac and orthopaedic equipment in East Africa

  • Pyramid Group is a market-leading distributor of specialist quality medical equipment and pharmaceutical products, and the largest distributor of cardiac and orthopaedic equipment in East Africa
  • Investment will enable business and operational improvements, including the origination of new customers, improvements to current systems and processes, and expansion of product lines, services and distribution
  • The African pharma and medical devices market is set to reach $58 billion by 2022 , representing a substantial opportunity
  • This builds on LeapFrog’s decade of experience investing in healthcare and health insurance for emerging consumers, including a recent investment in Ascent Meditech the leading Indian medical products company, and Goodlife Pharmacy, which has grown to become the largest pharmacy brand in East Africa since LeapFrog’s investment two years ago

London 26 September 2018:

LeapFrog Investments (“LeapFrog”), the leading investor in companies that deliver healthcare and financial services for emerging consumers has invested in Pyramid Group (“Pyramid”). Pyramid Group is a leading distributor of specialist medical equipment and products that deliver the latest standard of care, access and affordability to Africans.

Founded in 2001, the company has grown to be the largest specialty distributor for cardiac and orthopaedic equipment in East Africa, offering a comprehensive range of quality medical products from top-tier brands including Medtronic Plc and Johnson & Johnson, opening-up access to specialised products like pacemakers and hip replacements for consumers in Africa who historically have had to travel abroad to access specialist products and treatments. This has contributed to the c.$1bn a year lost by Africa on medical tourism abroad.

Pyramid’s products are distributed in countries across sub-Saharan Africa, including Tanzania, Kenya, Uganda, Rwanda, Mozambique, Ethiopia, Nigeria and Ghana. The company currently provides healthcare products to four million consumers, of which over two million are emerging. Sales are projected to increase to approximately eight million total consumers over the next four years, of which over five million will be emerging.

“We are delighted to have LeapFrog’s support to help us take Pyramid Group to the next level in the service of even more Africans,” said Abraham Okore, CEO and Founder of Pyramid Group. “LeapFrog emerged as the strongest, and most logical investment partner for Pyramid, given its deep healthcare expertise and strong pan-African network, which will help us meet our ambitious growth plans in the pharma and devices market.”

Africa currently has the highest age-standardised mortality rate of non-communicable diseases (779 per 100K people, versus US and EUR at 450-550 per 100K people). Poor access to medical resources and over-burdened healthcare systems, as well as an increasing prevalence of noncommunicable diseases such as cancer and diabetes are driving a need for access to affordable new medicines and more advanced diagnostic equipment. According to recent research, the African pharmaceutical market is set to reach $62 billion by 2024, while the African medical devices market is set to reach $7bn by 2023, meaning that Pyramid is well positioned to deliver strong commercial and impact returns.

LeapFrog will leverage its deep expertise in healthcare and networks within the African market to support Pyramid’s growth ambitions. This will include the identification, targeting and origination of new customers utilising LeapFrog’s unique in-house consumer insights capabilities, navigation of the complex regulatory environment found in many of the countries in which Pyramid operates, and the optimisation of internal systems and processes.

“The Pyramid team have built a remarkable pan-African business, set for growth, which benefits Africans who have a growing need for quality health products and diagnostics,” said Felix Olale, LeapFrog Partner, and Global Health Co-Lead, who originated the transaction. “We see immense potential to optimise the company’s operations and increase its customer reach in underserved areas, introducing new product lines like renal and oncology and continuing to deepen its distribution across Africa.”

The investment in Pyramid builds on LeapFrog’s successful track record in the African healthcare market and its decade of experience in partnering with emerging market businesses to provide health insurance to emerging consumers. LeapFrog invested in GoodLife Pharmacy in November 2016. It is now the largest pharmacy brand in East Africa. LeapFrog has successfully built and sold healthcare orientated businesses in the region, including global mobile health insurance provider BIMA sold to Allianz X, and West African life and health insurance provider Express Life sold to Prudential PLC.