by Jessica Wood, journalist, Justmoney.co.za
According to a recent report, the FirstRand Group is looking to diversify its business. One of the ways that this will be done is with the introduction of a life insurance business.
Justmoney contacted First National Bank (FNB), a subsidiary of the FirstRand Group for comment. Lee Bromfield, CEO of FNB Life said: “A license to provide long-term insurance services was awarded to the [FirstRand] Group by the Registrar of Long-Term Insurance at the Financial Services Board on 3 March 2015.”
However, FNB said that it was unable to comment further on the matter as they “are not in the position to formally make announcements at this stage.”
FirstRand Group CEO, Sizwe Nxasana is reported to have said that the new life insurance division of the business will offer life and disability insurance.
“It will be different from how traditional life companies operate. It will have new ways of underwriting risk.”
FirstRand Group to offer life insurance
12 Mar 2015
Recent Articles
Featured Don’t fall for these credit repair scams
You may have received a notification from someone claiming that they can fix your credit score in a matter of days. Unfortunately, this is too good to be true.
Should you share a bank account with your partner or a friend?
If you’re living with your long-term partner or a friend, it’s likely that your finances have become entwined over the years and you no longer keep strict track of who owes who what. Perhaps it’s time to mix your finances officially with a joint bank account.
How to protect yourself from financial fraud
Financial fraud is prevalent in South Africa, as it is globally. According to the South African Banking Risk Information Centre (SABRIC), cybercrime, in particular, is becoming even more common than ‘traditional’ bank crimes. In 2019, some R284.4 million was stolen via digital means, an 8% increase from 2018, while credit card fraud accounted for R37.2 million.
Deals
Colosseum Deluxe Holiday Special
Price: From R900
When: Until 30 September 2020
Where: Cape Town
Pure Day Spa Mother’s Day Special
Price: R850
When: Until 09 May 2021
Where: Cape Town
The 41 Tuesday Specials
Price: Available on request
When: Tuesdays
Where: Cape Town
Our suppliers and companies we review
