Enterprise Group Ghana

Enterprise Group

Pioneering life insurance for everyday Ghanaian consumers

Industry:

Financial Services

Region:

West Africa

Website:

enterprisegroup.net.gh

$ 50 0 m

Premiums controlled

19.9 0 %

5 year compound annual growth

99 0

Years of operation

Enterprise Group Limited is a household name in Ghana. The company, founded in 1924, has been providing Ghanaians with access to life changing financial products for close to 100 years.

Ghana Dome Market

The Challenge

According to The World Bank, today only 5% of Ghanaian adults have some form of insurance, presenting a viable opportunity for Enterprise to drive financial inclusion apace.

Further opportunity comes in the form of pensions. Ghana’s recently liberalised pensions industry is one of the fastest growing in the world, and the country’s retirement industry is set to swell 400% by 2018.

All of this is underpinned by the rapid expansion of the Ghanaian economy, projected to reach 8.7 per cent in 2017.

Enterprise Group's Solution

Enterprise Group offers a comprehensive suite of financial services including insurance, life cover and pensions to the country’s emerging consumers.

A jewel in the crown, Enterprise Life, Ghana’s oldest life insurance company and the country’s leading provider of life insurance, controls gross premiums of over $50m, and has reported a market-leading compound annual growth rate (CAGR) of 26 per cent in premiums between 2013 – 2015.

LeapFrog's Impact

LeapFrog invested in Enterprise Life in 2017, marking the first investment of the LSAI, a fund in which Prudential Financial, Inc. (PFI) (NYSE: PRU) is the primary investor.

It draws from a USD $350m separately managed account established in 2016 with Prudential Financial to access high growth markets in Africa.

“They [LeapFrog and Prudential] bring an incredible network of global insurance contacts and experience, and also the capacity to provide growth capital towards the realisation of our very ambitious strategic objectives,” said Keli Gadzekpo, Group CEO of Enterprise.

LeapFrog will apply its deep operational expertise in emerging markets financial services, helping the business increase efficiencies, expand in West Africa, deliver new products, and scale toward new levels of growth and impact.

“Enterprise Group’s management team has built a robust platform for growth in West Africa. With the capital and expertise of our team behind the business, we are confident that it will scale to provide millions more people with access to essential financial services,” says Norm Kelly, LeapFrog Director of Investments.

Learn more

Enterprise Group is one of many LeapFrog investments in Financial Services. Read more about our work in the sector.

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