Stanbic IBTC Holdings Plc Announces the Establishment of its wholly-owned Life Insurance Subsidiary

Friday, November 27, 2020 / 5:08 PM / by NSE / Header Image Credit: Stanbic IBTC

Stanbic IBTC Holdings PLC ("Stanbic IBTC" or "the Company"), is pleased to announce that it has obtained all required Regulatory Approvals as well as a License from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary to be known and referred to as Stanbic IBTC Insurance Limited ("SIIL").

Related Link: NAICOM Issues Licences to Four New Insurers and One Reinsurer

The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL 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 PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars - Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group's largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world's largest bank, with a 20.1% shareholding.

In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.

Related to STANBIC

1. Stanbic IBTC Holdings Plc to Establish a Wholly-owned Life Insurance Subsidiary
2. Stanbic IBTC Bank to Reward Customers that Reactivate their Dormant Accounts
3. Stanbic IBTC YTD Sept 2020: A Rebound in Earnings
4. STANBIC Declares N66.2bn PAT in Q3 2020 Unaudited Results, (SP:N44.00k)
5. Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Stanbic IBTC Bank
6. STANBIC Appoints Mrs Sola Davis-Borha As a Non-Executive Director
7. Takeaways from Stanbic IBTC Bank H1 2020 Investors' Conference Call
8. Stanbic IBTC Q2 2020 Results Review: Solid Q2; on Track to Deliver >25% ROE in 2020
9. STANBIC Declares N45.2bn PAT in H1 2020 Audited Results; Proposes 40K Interim Dividend, (SP:N36.50k)
10. STANBIC Notifies of Delay in the Release of 2020 Audited Half Year Results

Related to Insurance

1. NAICOM Issues Licences to Four New Insurers and One Reinsurer
2. NAICOM Receive Applications to Register Four (4) New Insurance Companies
3. Why Corporate Insurance Business Thrives - OpEd
4. AXA Mansard, Curacel Sponsor First-Ever Insurance and Technology Conference in Nigeria
5. Is Missing the Recapitalisation Deadline a Death Sentence?
6. Is Insurance All About Claims?
7. Protecting Investment from Riot: How to use Insurance
8. #EndSARS: An Opportunity To Deepen Insurance Penetration In Nigeria - Ekerete Ola Gam-Ikon
9. #ENDSARS Events and the Impact on the Insurance Industry
10. The Prudence of Lower Minimum Capital Requirements for Insurers