Clientèle, which provides entry-level life insurance and funeral plan products to the mass market, inked a R1.9 billion deal to acquire 1Life insurance via a share exchange agreement.
1Life, which specialises in funeral policies and underwritten life insurance products, will be acquired from its owner, Telesure Investment Holdings , through issuing shares that will represent just over a quarter of the enlarged group. The deal will create a combined embedded value of about R7.8 billion, more than twice the insurer's listed market value of R3.6 billion, with almost 1.5 million insurance contracts.
"The merging of these two well-known insurance entities brings together two organisations that have expertise in the mass market segment," the group said in a statement on Friday.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.
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Source: Moneyweb - 🏆 5. / 77 Read more »
Source: Moneyweb - 🏆 5. / 77 Read more »