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Liberty Group furthers its African expansion strategy with the launch of Liberty Life Swaziland

22 July 2008 Liberty Life

Liberty Group is pleased to announce the launch of Liberty Life Swaziland, the latest move by the Group in the execution of its African expansion strategy.

The launch comes less than a year after the Swaziland life assurance industry was liberalised enabling competition from local and international providers and ending the monopoly of the Swaziland Royal Insurance Corporation. Despite being a small market, Swaziland offers numerous opportunities to life assurance providers who are able to offer high quality corporate products at a competitive cost.

Liberty Life represents the second foray into Swaziland for the Liberty Group. In 1998 STANLIB entered the market, initially known as Standard Bank Corporate and Merchant Bank (SCMB) until the merger with Liberty Asset Management (LIBAM) in 2002. Standard Bank, the Group’s majority shareholders, also has a longstanding presence in the country. The introduction of the Life Insurance pillar to the market will greatly strengthen the presence of the Group and enable it to significantly increase its offering to its Swaziland customers.

Liberty Life Swaziland will offer bancassurance products such as credit life, group life and funeral benefits. These products will mainly target Corporate and Government which are Swaziland’s largest employers. The offering will work through an intermediary model using approved distributors to market the products to customers. Once established, Liberty Life plans to further expand the initial offering to include property products, healthcare and general insurance.

CEO of Liberty Africa, Bernard Katompa, said “The management of wealth is vital for the future of both the individual and the economy. Managing your assets today enables you to prepare for the uncertain future, promoting a positive flow of income throughout life and reducing dependence on limited state assets and funding.

“The Liberty Group is committed to ensuring people across Africa have access to competitive life products of an international standard, enabling them to chose those that best suit their personal needs. We are excited to have the opportunity to increase out footprint in Swaziland and to be part of this historic transformation of the Swazi life assurance market.”

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