International insurance and investment group Old Mutual is currently in the process of acquiring a majority stake in life company Provident Life Assurance, in a bid to expand its presence in Africa.

Based in Ghana, the new acquisition is expected to be completed by the end of this year, subject to regulatory approval, the firm said.

“This transaction is another important step in our strategy of expanding our emerging markets businesses,” said Julian Roberts, group chief executive of Old Mutual.

Provident is the fifth largest life company in Ghana and provides life insurance and investment products.

Old Mutual recorded an operating profit before tax (on an IFRS basis) of £1.6 billion (around $2 billion), and £262 billion of funds under management from core operations, at the end of 2012.