NCB Financial Group to streamline insurance business

NCB Financial Group to streamline insurance business

Wednesday, September 30, 2020

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Following its application to the Financial Services Commission (FSC) in June, NCB Insurance Company Limited (NCBIC) has received approval that will now enable the National Commercial Bank Financial Group Limited (NCBFG) to proceed with streamlining the insurance business currently offered by its NCBIC and Guardian Life Limited (GLL) subsidiaries.

The financial institution said that the approval will allow a 100 per cent transfer of NCBIC's portfolio of insurance and annuities business to GLL which is to take effect today, resulting in the licensing of NCBIC as a dealer under the Securities Act. NCBIC is also to be registered as an insurance agent under the Insurance Act under a new company name.

President and Group chief executive officer (CEO) at NCBFG, Patrick Hylton, said that the entity was very pleased to have received the approval from the FSC.

“Being able to streamline this area of our business means that we can start benefiting from economies of scale and experience, and continue to optimise our product and service offerings for our customers. Especially in times like these where more people have realised the importance of insurance, we want to be able to give them the best solutions to fit their needs,” he said.

“Not only will customers benefit from the consolidated offerings in NCBFG's insurance portfolio, but its business is also expected to see improvements in its operating efficiency and financial performance,” he further said, noting these as key indicators in maintaining viability and stakeholder value in the current economic climate.

Following the transfer of its insurance and annuities portfolio, NCBIC will operate under a new company name and will sell insurance products as an exclusive agent of GLL as well as continue to provide pension fund administration and investment management services.

“Insurance policies for existing policyholders will not be impacted, as GLL will honour the contracts being transferred on their current terms,” the release said.

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