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Licence To Conduct Life Insurance Business In South Africa
Capitec Bank Holdings Limited
Registration number 1999/025903/06
Incorporated in the Republic of South Africa
Registered bank controlling company
JSE ordinary share code: CPI ISIN code: ZAE000035861
JSE preference share code: CPIP ISIN code: ZAE000083838
("Capitec")
LICENCE TO CONDUCT LIFE INSURANCE BUSINESS IN SOUTH AFRICA
The Board of Capitec is pleased to announce that the
Prudential Authority has granted Capitec a licence to conduct
life insurance business in South Africa.
Capitec has been offering credit life and funeral policies
through two cell captive agreements with the underlying
policies underwritten by licensed cell captive insurers.
Proposed changes to the third-party cell captive regulations
and strong growth in the number of insured clients prompted
Capitec to apply for its own life insurance licence. The
Prudential Authority approved Capitec’s application for a
licence to conduct life insurance business in South Africa on
3 October 2022. The licence has been granted to Capitec Life,
a wholly-owned subsidiary of Capitec.
Capitec Life will, in due course, replace the current cell
captive insurers as underwriter of Capitec’s credit life and
funeral policies.
Capitec remains committed to ensuring that its clients
continue to enjoy the simple, affordable, accessible and
personalised experience to which they are accustomed.
4 October 2022
Stellenbosch
Sponsor
PSG Capital
Date: 04-10-2022 11:45:00
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