Old Mutual launches in Ghana; Following acquisition of Provident Life

A South African insurance firm, Old Mutual, has completed the acquisition of indigenous insurance company, Provident Life Assurance, and rebranded it Old Mutual Life Assurance Company (Ghana) Limited.

Following the acquisition in 2013, the merger means Old Mutual can now conduct life assurances business in the country, retaining the sizeable customer base built by the predecessor company, which was already a household name in the country. 

At a programme to unveil the new identity, the acting Chief Executive, Ms Nicollete Hendricks, said the Old Mutual Group was bringing its massive experience in the insurance sector to change the face of insurance in the country.

“Drawing on 169 years of experience, global expertise and an unwavering focus on the financial needs of our customers, Old Mutual has come to Ghana to offer relevant and meaningful life insurance and savings products,” she said. 

She also added, “we will change the way individuals and institutions perceive life insurance and the way they patronise it.”

Ms Hendricks explained that the low insurance penetration in the economy was a sign that the sector had the potential to grow.

“This is where Old Mutual’s expertise will come to the fore, as our products and services are built upon the foundation of in-depth research into what customers specifically need. This in turn enables us to develop customised financial solutions to meet the unique needs of each identified market segment,” she said.

Insurance as economic driver

A Deputy Minister of Finance, Ms Mona Quartey, said the insurance industry had contributed significantly to the development of the economy.  She explained that it did not only help in risk management, but also served as a vehicle for the mobilisation of the much needed funds for long-term investment. 

“In essence, the insurance industry is a critical partner for national development and government will continue to support this sector,” she said. 

She also urged the management of the company to maintain the highest professional standards, avoid negative practices and also nurture the right staff in the discharge of their duties. 

“Government will continue to partner the industry to ensure that insurance has been brought to the doorstep of all Ghanaians. In this regard, I urge all industry players to intensify education and awareness campaign to bring on board prospective insurers and to enhance the confidence of existing clients,” she said. 

Insurance Commissioner

The Insurance Commissioner, Ms Lydia Lariba Bawa, said the emergence of the mobile phone as a distribution channel continued to introduce a vast percentage of the population to insurance. 

“The National Insurance Company (NIC) is, therefore, planning collaboration with the National Communications Authority (NCA) to explore ways of managing the down side of the associated risks and thereby help improve access to insurance for the ordinary Ghanaian,” she said. 

She charged the management of Old Mutual to bring on board their micro insurance experiences to help improve insurance access in Ghana.