FNB Life now one of the biggest insurance players in SA

Lee Bromfield, CEO of FNB Life.

The Financial Services Board (FSB) has approved the transfer of over 2.3 million Ashburton and FNB branded ‘FNB Life Insurance’ policies previously underwritten by MMI Group Limited (MMI Group) and RMB Structured Life Limited (RMBSL) to FirstRand Life Assurance Limited (FirstRand Life), the long term insurance arm of the FirstRand Group.

The transfer, effective from 01 October, means that all FNB Life insurance policies are now fully underwritten under the group life license. FNB Life will continue to oversee product distribution and administration, with no changes made to client policies.

Lee Bromfield, CEO of FNB Life, says “We are pleased with the approval of this transfer as it adds yet another milestone to our growth journey. FNB is now in a good position to further scale its strategy to build the next generation of life insurance products for its customers.”

“Going forward we aim to leverage economies of scale to deliver more value, cost effective and innovative products and services to our current and future client base. An FNB Life insurance policy will be the best policy an FNB customer can get,” adds Bromfield.

FNB Life customers can rest assured knowing that they will continue enjoying the same benefits and level of service. The transfer will not lead to any changes in monthly premiums, charges, benefits as well as terms and conditions.

Policies that are affected by the transfer include all FNB branded ‘FNB Life Insurance’ policies underwritten by RMBSL, as well as all FNB Life branded credit life, funeral, personal accident, cover for life, hospital cash plan and lifestyle protector policies underwritten by MMI Group and distributed through FirstRand Bank.