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First wholly-owned black life insurer |
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Written by Staff Reporters
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Lion of Africa Life Assurance Company (Lion of Africa Life), the wholly owned subsidiary of Commlife Holdings, has been accepted as the latest member of the Life Offices Association (LOA) in South Africa. The announcement was made in the last week of December last year.
The 100% black owned company has been in existence for more than 100 years. In 2005 its license was upgraded to underwrite a full range of life assurance products.
Gerhard Joubert, CEO of the LOA, said through its membership as a black owned life company the Lion of Africa Assurance Company has made the LOA more representative than ever before.
Joubert says as a LOA member, the Lion of Africa Assurance Company has accepted as binding the LOA’s Code of Conduct, which imposes best practices and self regulation on its members to protect the consumer. “This is good news for consumers in the low income earnings group, often targeted by unregulated companies not concerned with consumer protection.”
Fred Robertson, Lion of Africa Life Chairman and co-founder of Brimstone, African Harvest and Lion of Africa Insurance Company (Short-Term), says he is extremely proud that Lion of Africa Life is now a member of the LOA.
“It shows our commitment to building our business and raising the bar for ourselves," says Robertson. "We already have a good relationship with the Financial Services Board and this is another big step for us. It is great for us, as a fledgling life company albeit that we are 100 years old to be there and sit at the table with the more established life companies.
With over 100 years of experience, the company has plenty of insight into the needs of its target market. Prior to its acquisition by Commlife Holdings in 2002, APO – subsequently renamed Lion of Africa Life - had been in existence since 1902 and was incorporated as a burial society since 1943.
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