The appointment, seeks to centralise Prudential’s operations in Africa as well as strengthen and grow the business in markets where it currently operates.
Commenting on the appointment, Solmaz Altin, the Prudential managing director of the strategic business group, said he was pleased on Mokobi’s new role, noting that it will take effect on 1 January 2023 based at the Africa regional hub in Nairobi.
“Africa is a strategic growth driver for our group, building the talent and capacity to drive the next level of business growth is key and will foster greater efficiency and effective decision making to help us deliver on our purpose of helping people in Africa get the most out of life by making healthcare and financial security more accessible and affordable’’ Atin added.
Currently Aryee is the regional chief executive officer for two regions: East and Central, as well as West and Southern Africa.
Aryee is a well-known industry veteran, with more than 29 years of experience of commercial leadership in Africa.
His past experience includes turning around businesses on the African continent, moving Prudential to the number one market position in some of Africa's countries, and gaining recognition as an innovative player.
Over the years, he has nurtured employees and created room for talent to thrive.
Africa is a continent with great potential. Data from Swiss Re Institute ranks the continent as the second-fastest growing insurance market in the world after Latin America, with a total value of $68bn. Yet, Africa has a large uninsured population as reflected in the low insurance penetration levels currently at 2.8%. This points to significant headroom for expansion of the underwriting market, also given the population is expected to double to 2 billion by 2050.
As a purely Asia and Africa-focused business, Prudential is investing in people and technology to build the capacity to serve more customers on the continent.
Today, Prudential serves more than 1.7 million customers in Africa through a distribution network of more than 13,000 agents and 600 bank branches. Since we started our Africa journey in Ghana in 2013, we are now present in eight countries – Cameroon, Cote d’Ivoire, Ghana, Kenya, Togo, Uganda, Zambia and Nigeria.
Atin added: "We are confident that the Africa business will continue to thrive under the stewardship of Aryee."