Stanbic IBTC gets regulatory licence to operate life insurance firm
The local unit of South Africa’s banking group, Stanbic IBTC on Friday it has obtained licence from the Insurance regulatory body National Insurance Commission (NAICOM) to establish a wholly-owned Life Insurance subsidiary.
In a regulatory filing with the Nigerian Stock Exchange (NSE), the lender holding company said it has received all required Regulatory Approvals to operate Stanbic IBTC Insurance Limited (SIIL).
Stanbic IBTC said the establishment of the new subsidiary essentially complements the bouquet of product offerings by the Holding company as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria.
It said the insurance subsidiary will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.
Stanbic IBTC Holdings, is a local unit of Standard Bank Group of South Africa with Corporate and
Investment Banking, Personal and Business Banking and Wealth Management as it main business focus.
Nigerian insurance industry regulatory body, the National Insurance Commission (NAICOM) is profiling companies that are lagging behind in claims payment and may impose a sanction on them to serve as a deterrent and boost the industry image.