By Dipo Olowookere
The life insurance business in Nigeria will soon get more competitive with the possible entry of Stanbic IBTC into the sector.
Stanbic IBTC Holdings Plc is one of the major players in the financial services industry in the country, especially in the corporate banking arm of the sector and the organisation is now eying the underwriting space to compete in.
According to a statement from the company, efforts are presently being made to obtain the necessary approvals for the establishment of an insurance subsidiary.
Stanbic IBTC Holdings, in a notice signed by the Company Secretary, Chidi Okezie, stated that the new arm would be called Stanbic IBTC Insurance Limited.
It was gathered that all the approvals from the necessary regulators have not been secured, but the firm has submitted the vital documents to aid getting the operating licence.
“Stanbic IBTC Holdings wishes to announce that it has commenced the process of seeking regulatory approvals to establish a wholly-owned Life Insurance subsidiary to be known and referred to as Stanbic IBTC Insurance Limited,” the disclosure on Friday said.
The company disclosed that it awaits operating licence from the National Insurance Commission (NAICOM), the agency which regulates the sector.
It noted that until it secures these authorisations, the new establishment will not commence operations as a responsible corporate citizen of the country.
“The commencement of operations for this proposed subsidiary is subject to receiving all required regulatory approvals, including licensing by the National Insurance Commission (NAICOM).
“Accordingly, Stanbic IBTC will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary,” it stated.
Business Post reports that Stanbic IBTC is not totally new in the insurance business as it operates an insurance brokerage company called Stanbic IBTC Insurance Brokers Limited, which is a formidable force in the sector.
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