Leapfrog Investments, a Mauritius-based private equity fund that invests in companies that serve people in Africa and Asia who earn low incomes, recently acquired a majority stake in UT Life Insurance, a Ghana-based insurance company, for an undisclosed price. Through this collaboration, UT Life hopes to reach 1 million people by 2020 [1].
Doug Lacey, partner at LeapFrog Investments, said, “We were attracted by UT’s unwavering commitment to Ghana’s mass-market. UT Life is exceptionally well positioned to grow, to prosper and to help millions to make the most of their lives. We’re backing that potential [1].”
Kwaku Yeboah-Asuamah, CEO of UT Life, said, “Our vision is to be the most innovative and affordable life insurer for the consumer mass market in Ghana. We believe our partnership with LeapFrog will give wings to our growth plans and enable us to benefit from LeapFrog’s rich insurance expertise and knowledge [1].”
As of January 2016, LeapFrog Investments reported approximately USD 1 billion in investor commitments. Financial data on UT Life are not available.
By Kevin van den Brink, Research Associate
About LeapFrog Investments
LeapFrog Investments, which was founded in 2007 and is based in Mauritius, invests in businesses in Africa and Asia that serve “emerging consumers, often accessing insurance, savings, pensions or credit for the first time.” Its investees serve 51 million people in 21 markets. It has garnered approximately USD 1 billion in investor commitments as of March 2016.
About UT Life Insurance Company Limited
UT Life Insurance Limited was founded as a wholly owned subsidiary of CDH Insurance Company Limited in 2005 with the name CDH Life Assurance Company Limited. In 2010, the subsidiary was acquired by UT Holdings and renamed as UT Life Insurance Limited. The company provides retail and corporate insurance products, such as for life insurance, education expenses, group term, loan protection, keyman insurance and mortgage protection. In 2016, Mauritius-based LeapFrog Investments acquired a majority stake in the firm. Financial data on UT Life are not available.
Sources and Additional Resources
[1] News Ghana, Business and Investments, “LeapFrogs Acquires Majority Shares in UT Life Insurance”
MicroCapital Universe Profile: LeapFrog Investments
MicroCapital Universe Profile: UT Life Insurance Company Limited
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