Image
Icon

Directory

IconAlternative Investments
IconAsset Managers
IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconFinancial Planners
IconInvestment Consulting
IconLinked Investment Service Providers
IconListed Equities
IconOmbud
IconOnline Share Trading
IconParticipation Bond Managers
IconProperty Unit Trusts
IconPublications
IconRegulatory Authorities
IconStock Exchange
IconUnit Trust Fund Managers
IconWellness Programs
Advertise Here
  Subscribe To »

IFC invest R170 million in Assupol Holdings

Published

2012

Tue

05

Jun

Johannesburg, South Africa - IFC, a member of the World Bank Group, agreed today to make an equity investment of up to ZAR 170 million in Assupol Holdings Limited, which is the holding company of Assupol Life Limited. Assupol Life Limited, formerly a mutual society, converted into a public company and demutualised during December 2010. The investment will position Assupol to gain more recognition among investors as Assupol develops a business strategy to serve more low-income customers in South Africa.

 

Founded in 1913, Assupol Life Limited is a well-established provider of insurance products and has been expanding its offerings to all South Africans since the 1980s. Assupol’s products include life, disability and accident cover; funeral cover; retirement products; and savings and investment products. Its client base is highly concentrated among previously disadvantaged groups, especially low-income South Africans.

 

Rudolf Schmidt, Assupol CEO said, “Assupol has developed an innovative business model in South Africa to serve a wide range of customers, especially those at the base of the income pyramid. This substantial equity investment by IFC will contribute towards the restructuring of our capital and shareholder base and enable it to gain increased recognition and traction among investors as we continue to develop our business strategy to service the lower end of the income spectrum in South Africa”. The IFC’s participation as a shareholder is an important milestone for Assupol, coming 18 months after its demutualisation, a transformative process that may culminate in an eventual listing on the Johannesburg Stock Exchange.

 

Jean Philippe Prosper, IFC Regional Director for Eastern and Southern Africa said, “IFC strongly supports Assupol's mission to serve previously disadvantaged customers. Assupol has developed a strong business and has built a solid reputation in the insurance marketplace that will help it expand further in South Africa and into other countries in the future.”  

 

The transaction is part of IFC’s strategy to expand its investment activities in the insurance sector, with the goal of increasing availability of insurance products that address individual needs such as property, life and health insurance as well as access to savings products. IFC’s effort also involves partnering with leading insurance companies that have developed a solid know-how which can be taken to other emerging markets by way of regional or global expansion.

 
Source: The Communications Firm (TCF)
 
« Back to previous page Print this page » |
 

Breaking News »

Coface Quarterly Sector Risk Assessments: 14 sectors in three major regions of the world

North American chemicals, transport, textiles and clothing upgraded from "medium risk" to "low risk" due to the positive economic outlook and lower oil prices.                             The ...
Read More »

  

Q3 2014 - An eventful quarter at a glance

By David Crosoer, Executive: Research and Investments at PPS Investments The last quarter was characterised by weakness in South African equity markets, after the All Share Index failed to hold onto the all-time ...
Read More »

  

Where does all my money go?

Estelle Scholtz-Mare Head of Marketing for Financial Wellness at Momentum  Where does all my money go? This is the refrain of many individuals trying to make ends meet and keep up with the demands of modern ...
Read More »

  

Tax Free Savings and Investments

The required draft Notice and Regulations to allow the introduction of tax free savings accounts from 1 March 2015 was published by the National Treasury on 14 November 2014. The closing date ...
Read More »

 

More News »

Image

Healthcare »

Image

Life »

Image

Retirement »

Image

Short-term »

Advertise Here

Quick Survey »

  Sponsored by
Image
Can there be fair discrimination in the workplace?



|Results »
Image
Advertise Here

From The Glossary »

Icon

Direct Insurance:

Insurance where the insurer has a direct contractual relationship with the insured, including co-insurance. Direct insurance by implication excludes reinsurance.
More Definitions »

 
 
By using this website you agree to the Terms of Use.
Copyright © Stoker Risk & ICT (Pty) Ltd 2004 - 2014.
All Rights Reserved.
Icon

Advertise

  Icon

eZine

  Icon

Contact IG

Icon

Media Pack

  Icon

RSS Feeds