Insurer records huge growth on key performance factors

African Life's CEO, Julius Magabe

African Life Assurance has said it noted significant growth on all key financial performance parameters for the year, 2012, the management has declared.

The company operating profit grew by 68 percent from 1.8bn/- to 3.8bn/- , net profit grew by 104percent from 2.57bn/- to 5.2bn/- while gross written premiums grew by 29 percent and e total assets grew by 28 percent.

Speaking to members of the press in Dar es Salaam on Thursday , African Life’s CEO Julius Magabe said the company places great emphasis in quality excellence in all its operations and the above performance signifies that commitment and the confidence that their stakeholders have in them, to deliver to their expectation and satisfaction.

At the moment, the company commands a 50 percent life insurance market share, which increased from 47 percent market share position in 2011.African Life Assurance is a specialist life assurance company which is A+ rated by the Global Credit Rating Company. It has also received best presented financial statements awards consecutively from NBAA for the last 3 years.

As a member of the Sanlam Group, a large financial services company that operates in Africa, Europe, Asia, Australia and America, it brings to the market global expertise to compliment its local offerings.

Late last year, the company launched a new policy that offers a comprehensive benefit set and caters for middle to high income earners.

The policy aimed at meeting customers' desire to provide for the future and protect their families. It provides life assurance cover from 50m/- to any maximum desired limit subject to meeting minimal underwriting requirements.

Benefits covered are death, total and permanent disability and critical illness. The policy has no waiting periods and can also be used as a surety for a loan.

"No other individual life assurance product in the market meets the realities of life as much as this one does. "The retail life assurance market remains underserved at present and the addition of ALAMAX to our retail products' menu underscores our mission of providing affordable financial security to individuals and families across Tanzania," stated Magabe.

He noted that the new policy was designed to offer much long-term financial protection.” We have put together our combined expertise and extensive experience to come up with a product that is perfectly tuned to the Tanzanian market and we're proud to have delivered ALAMAX," the CEO said. 

SOURCE: THE GUARDIAN