In a corporate release on the Nigeria Stock Exchange, Stanbic IBTC Holdings Plc (NSE: STANBIC) announced the establishment of its wholly-owned Life Insurance subsidiary to be known and referred to as Stanbic ITBC Insurance Limited (“SIIL”).
Regulatory approvals as well as a license form the National Insurance Commission has been obtained for this new subsidiary.
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The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.
There are four stages involved in the registration for insurance and reinsurance businesses in Nigeria; Preliminary stage which starts with submission of Letter of Intent (LOI), Application stage where registration application form along prerequisite documents are completed, Verification stage and Registration stage.
According to the new recapitalization requirements set by NAICOM, a life insurer required a minimum paid-up capital of N8.0 billion. According to information on the NAICOM website, there are 58 insurance companies currently registered in Nigeria.
STANBIC believes that the establishment of this new subsidiary essentially complements the bouquet of product offerings as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria.
In this regard the publications stated, 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.
By; Nnamdi M.
