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Momentum Expands its Namibian Insurance Operations through Collaboration with FNB

18 June 2009 Momentum
Nicolaas Kruger, CEO of Momentum Group

Nicolaas Kruger, CEO of Momentum Group

Momentum today announced a significant expansion to its Namibian life-insurance operations, effectively leveraging off the existing banking and insurance businesses of FNB’s Namibia

Swabou Life, the life insurance subsidiary of FNB’s Namibian operation which is the current market leader in the entry-level segment, has now added Momentum’s Myriad life-cover offering to its suite of products. Myriad is one of the leading risk-cover products in the South African life-insurance market, offering comprehensive risk-cover benefits to individual policyholders in a flexible and user-friendly package. To capitalise on the collaboration with Momentum, Swabou Life intends to change its name to “Momentum Namibia” when the requisite regulatory approvals have been obtained.

Etienne Brits, CEO of the new Momentum Namibia, indicated that, “The Myriad product range will now be marketed, distributed, underwritten and serviced by Momentum Namibia in Windhoek. This gives existing and prospective Namibian policyholders access to a wide range of world-class products as Momentum Namibia will continue to offer Swabou Life products to the entry and middle-income market segments, while the Momentum products will be offered to the upper-income market segment.”

Nicolaas Kruger, CEO of Momentum Group, confirmed that the closer alignment is an important strategic development and added, “Momentum is very positive about the growth prospects on the African continent and our commitment to make further investments in Namibia complements Momentum’s wider African strategy. We view the Myriad product-collaboration as an important step towards closer cooperation and it is envisaged that further leading products will be added to Momentum Namibia’s offering in future.”

Commenting on the collaboration between Momentum and FNB, Sizwe Nxasana, FirstRand Banking Group CEO of parent company FirstRand, remarked, “This is a good example of how the FirstRand Group is leveraging its operating platforms for further expansion and growth in Africa.”

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