Lion of Africa Life Assurance Company appoints new CEO

Lion of Africa Life Assurance Company has announced the appointment of Karen Louw (32)(pictured) as its Chief Executive Officer, making her one of only three female CEO’s of local life insurance companies.

Since completing her B.Bus.Sci degree with Actuarial Science from the University of Cape Town in 1998, Louw forged a stellar career at a number of top financial institutions both locally and internationally. Her previous positions include Marketing Actuary at Munich Re of Africa and Valuations and Product Development Actuary at Sanlam Namibia.

Lion of Africa Chairman, Fred Robertson, says Louw’s qualifications and experience in the life insurance and corporate finance sectors has provided her with a strong skill set with which to grow Lion of Africa as a life assurance company as well as within the overall Lion of Africa financial services brand. “We are extremely pleased to have Karen on our team as we continue to build Lion of Africa in 2009.”

Louw is under no illusions about the numerous challenges facing the life insurance sector in the current economic climate. “The timing of the current downturn is unfortunate as the industry has come a long way in terms of transparency and value for money offerings for the customer. It is going to be challenging for the industry to continue building upon these improvements in the current environment,” she says.

“Such a climate, however, paves the way for Lion of Africa to emerge as a strong and unified financial services provider. We are looking at ways to work much more closely with our short-term insurance sister company, Lion of Africa Insurance Company, in presenting a comprehensive range of financial services offerings across the life insurance, short term insurance, employee benefits, asset management and retirement savings spectrum. I look forward to working closely with Lion of Africa Insurance Company CEO, Adam Samie to develop the relationship.”

She says that during 2009, Lion of Africa will also be introducing innovative distribution channels and the packaging of exciting new products.

In an industry that is traditionally male dominated, Louw’s appointment makes her only one of three female CEO’s of local life insurance companies. However, she remains undaunted by the prospect.

“Balancing a career and personal life is challenging for anyone – regardless of gender. I am fortunate that I have not experienced any form of glass ceiling in my career and I have always enjoyed working with high calibre people. That being said, I do feel that the challenge lies in being a strong role model to younger women in the industry.

“There are a still a few companies that are progressive enough to understand the different needs of women in the workplace. Fortunately Lion of Africa is one of them. As a company, we understand that the staff have lives outside of work. The Lion of Africa corporate culture therefore strives to aid employees in achieving a work-life balance.”