By Father Kidevu Blog- Reporter
Smart partnership among African Life Assurance,
banks and mobile phone companies has helped to push the insurer business by an average
of 30 per cent this year.
The firm, which is the biggest life insurer
in the country, said nation life and general covers penetration, is growing at
20 per cent each meaning they are growing above total life in the country.
The African Life Assurance Chief
Executive Officer, Julius Magabe, said the initiative to join hands with other
stakeholders plus extensive awareness and education paid off.
“Thanks to our smart partnership with
banks and mobile phone companies that helped a great deal to push penetration
further because our profitability is growing at an average of 40 per cent,” Mr
Magabe said.
The CEO was speaking during a press
conference to show the firm’s achievement resulted to win this year’s the Best Represented
Financial Statement Award for 2011. This became third straight year to clinch
the same award given by NBAA-- National Board of Accountants and Auditors.
The award was presented to African
Life’s Chief Financial Officer (CFO) Mr Samwel Mika by Mr. Vickson Ncube the
CEO of Panafrican Federation of Accountants (PAFA) at a function held in Arusha.
In 2009 African Life won 3rd position in
the insurance industry category moving on to win first position in 2010 and
maintaining the same position for the life insurance category in 2011.
Speaking for the award the CEO said
“African Life puts great emphasis in quality excellence not only in its
financials but in all our operations and winning this award for three consecutive
years signifies that commitment to our stakeholders”.
The firm specializes in life assurance
and has been rated A+ by the Global Credit Rating Company.
As a member of the Sanlam Group, a large
financial services company that operates in Africa, Europe, Asia, Australia and
America, African Life Assurance brings to the market global expertise to
compliment its local offerings.
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