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.”