2020 Impact Results

Through the trials of a global pandemic, LeapFrog’s companies reached 221 million people with healthcare or financial tools, enabling families and businesses to survive and thrive.

A message from Founder and CEO

Dr Andy Kuper

There are few years in human history that upend societies and lives globally like 2020 – forever a pandemic year, marked by grief and loss. Amid profound challenges, there have been individuals and organisations who brought hope, protection and empowerment. Their stories should be told.

It is especially meaningful to share with you the impact results achieved by LeapFrog’s portfolio companies in 2020. Our report offers both rich data and examples of how leaders and businesses can make a large-scale difference – even while delivering strongly for shareholders.

LeapFrog companies reached 221 million people last year with healthcare or financial tools. Nearly 80 per cent of those people are low-income emerging consumers, often accessing such essential services for the first time. Despite lockdowns and restrictions, unprecedented impact was achieved, with 16 million more people reached than the year prior.

At the same time, the value of LeapFrog’s portfolios surged 22 per cent. This is Profit with Purpose. Delivered across 35 countries.

The numbers and stories in this report demonstrate the true value of impact investment. We hope that they inspire you, as they do our team, to do ever more.


Profit meets purpose
at the consumer

In 2020, Leapfrog companies reached 221.4 million people with essential services, including healthcare and financial tools.


People reached



of people reached are lower income consumers

174.6 million of the people reached by LeapFrog companies are lower income consumers, typically living on under $10 a day per person. Many are accessing banking, insurance, savings or health services for the very first time.

Goal 1 Goal 3 Goal 5 Goal 8 Goal 10

Delivering outsized growth
in a year of unprecedented challenges

Across a decade, LeapFrog companies grow revenue on average annually at:


LeapFrog companies passed a milestone during the year, recording revenue over:


Scaling high-growth and high-impact companies across the world

LeapFrog’s portfolio of extraordinary companies now operates across 35 countries.

Our latest
portfolio additions


LeapFrog led a $54m round of investment into PasarPolis, an Indonesian insurtech firm on a mission to make insurance more accessible for first-time buyers such as delivery couriers and drivers.

Read more about PasarPolis


LeapFrog led a $55m investment round into MedGenome, India’s leading genetic diagnostics company, aiming to improve health in South Asia and other emerging markets.

Read more about Medgenome


LeapFrog acquired a 24% shareholding in ICEA LION Holdings, an insurance and asset management groups operating across East Africa, with a rich legacy tracing back to 1895.


Mobile-led life insurance impacts Ghana’s emerging consumers: miLife

A commitment to improve services and communication with its customers led to a 500 per cent increase in the scale and reach of miLife’s mobile life-insurance product miWay in 2020, showing the strong need for affordable, accessible insurance among Ghana’s emerging consumers amid the pandemic.


Transforming customer experience to boost impact and profit: Goodlife

A huge increase in customer loyalty and improved management of chronic conditions are two outcomes of LeapFrog’s project work with East Africa’s largest pharmacy chain.


Intensified customer focus boosts financial inclusion: Dvara

In 2020, financial services group Dvara worked with LeapFrog Investments across several fronts to improve the experience of its customers, leading to a three-fold improvement in micro-loan disbursements to India’s financially excluded, mostly in rural areas.

Sustainable Development Goals

As industry leaders in impact measurement, we have identified five key SDG goals that we address through our work, and our portfolio companies. These goals are matched to our impact results throughout.

No Poverty

End poverty in all its forms everywhere

Good health & Well-being

Ensure healthy lives and promote well-being for all at all ages

Gender Equality

Achieve gender equality and empower all women and girls

Decent Work & Economic Growth

Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

Reduced Inequalities

Reduce inequality within and among countries

Financial Tools: Enabling people and businesses to achieve security and prosperity

Goal 1 Goal 8 Goal 10

$533 million

LeapFrog companies paid out $533 million in insurance claims

$289 million

LeapFrog companies paid out $288.8 million in pensions

$16.4 billion

LeapFrog companies disbursed $16.4 billion in loans

$6.2 billion

LeapFrog companies enabled more than $6 billion in remittances

Finance Case Study

Expanding innovative insurance in a challenging year: PasarPolis

To meet the challenge of the pandemic in south-east Asia, digital insurance broker PasparPolis launched new initiatives, including specific COVID-19 policies, providing a much sought-after safety net for their emerging consumer customer base.

As an insurance broker, PasarPolis’s customers are its partners that distribute and sell its policies to consumers. Its business model is entirely digital, instant and simple: a system designed to expand access to insurance for all walks of life, including communities in remote and underprivileged areas.

Healthcare: Meeting the moment in the most significant year for global health

Goal 1 Goal 3 Goal 8 Goal 10


LeapFrog companies disbursed more than 23 million high quality pharmaceutical products


LeapFrog companies manufactured 11 million orthopaedic, pain management and mobility products


LeapFrog companies distributed more than 1 million diagnostic tests, laboratory supplies and products


LeapFrog companies delivered 661,889 medical services including tele-consultations

Healthcare Case Study

Digital demand leads to triple industry growth rate: Goodlife Pharmacy

Pharmacies are the first point of contact for any East African with a health issue, making them a crucial force against the coronavirus pandemic.

With its 66 stores, Goodlife is the biggest private pharmacy in the region. Its mission is to be a healthcare hub for East Africa, and last year, under the stress of the pandemic with travel restrictions and curfews in force, it broadened operations to fulfil that mission.

Leaps on the long journey
toward gender equality

Goal 1 Goal 5 Goal 8


LeapFrog companies reached 119 million women and girls with essential services


41% of all direct customers to LeapFrog companies were women

Gender Equality Case Study

Standing for women’s health across emerging markets: BIMA

During 2020, in its operations across Africa and Asia, mobile-technology insurer BIMA created awareness of women’s health issues, expanded consultation services to them and offered special insurance policies to meet their needs.

It was a needed response when the health concerns and insurance needs of women – often ignored in emerging markets – became more crucial during the pandemic.

BIMA offers life and health insurance policies, supported by a telemedicine service, all via a mobile-first platform targeting consumers in emerging markets whose primary entry point to online services is via phones.

Creating and securing jobs and livelihoods

In a year of employment insecurity around the world,
LeapFrog companies supported:


jobs and livelihoods.

Goal 1 Goal 8 Goal 10

Resilience, Innovation and Compassion
to Tackle COVID 19

COVID-19 Case Study

Taking a critical role in India’s COVID defense: MedGenome

When the coronavirus pandemic hit India, diagnostics and pharmaceutical research company MedGenome rerouted its expertise and resources to offer solutions across the country.

Working with public health authorities, MedGenome began testing for the COVID-19 virus, developed an antibody test kit and researched what genetic predispositions would likely lead to chronic infection.

COVID-19 Case Study

At the frontline of COVID-19 in Ghana: BIMA

In a year when 55,000 Ghanaians were recorded contracting the coronavirus, easily accessible health and insurance services were needed more than ever.

In response, mobile-technology insurer and health services provider BIMA stepped up its activity to be an even stronger force for positive impact. By launching an in-field service, financially supporting policy holders and offering free consultations, it worked to expand services and protect Ghanaians in the face of the virus.

Leaders in Authentic Impact

In the 2020 UN Principles for Responsible Investment results, LeapFrog was ranked A+.


For direct private equity firms, only 4% of Asia-focused investment managers, 6% of Africa-focused managers, and 14% of managers within our AUM category achieved this rating.

We’ve set an ambition goal, to reach 1 billion people with the healthcare and financial services that will empower them to change their own lives. 

At the beginning of 2021, we entered into a strategic partnership that would resource this vision. Singaporean investment company, Temasek, committed $500 million to LeapFrog, the single largest ever commitment to an impact investor, marking a new era of scale. 

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