Metropolitan policyholders at Ovation to be brought back in-house

Ovation policyholders underwritten by Metropolitan offered assurances.

Metropolitan has moved quickly to offer assurance and certainty to some 2500 policyholders whose assets have been administered by linked-investment service provider company Ovation Global since 2001.

Metropolitan, the fourth largest life assurance group in South Africa, is in the process of affecting the transfer of the administration of the policies administered on the Ovation platform, the main portion comprising living annuities. Willem van Schalkwyk from Metropolitan Holdings Limited said the transfer will take place within the next couple of months.

Metropolitan will administer these assets on their Metropolitan Odyssey administration platform. Metropolitan Odyssey offers innovative financial service products to customers in the upper income market, catering for business and personal life insurance needs.

Van Schalkwyk said policyholders must take comfort from the knowledge that Metropolitan will be acting in their best interest, and that the transfer to Metropolitan will ensure continuity and stability. "It will be business as usual regarding the efficient and appropriate administration of policyholders' money, and they will be kept informed."