For many years, SA’s insurance industry that targets low-to-mid income consumers has largely remained the same.
These firms are African Rainbow Life and Sithega Holdings, which are both backed by wealthy business titans that will duke it out for a large wallet share of low-to-middle income consumers, the majority of SA’s consumer base. African Rainbow Life and Sithega Holdings want to change the make-up of the financial services industry, which they believe doesn’t appropriately cater to the needs of all consumers, mainly low-income individuals.
African Rainbow Life CEO Bongani Madikiza believes that the new company can dominate SA’s fiercely competitive insurance industry. “The idea that there is no space for more competition is wrong. The market is big enough to share,” the former MD of Old Mutual’s Mass & Corporate businesses and CEO of the now defunct Lion of Africa Insurance tellsWe are targeting people with five or six funeral policies, but don’t have life cover, disability cover or a savings plan.
For now, it has sizable players in its corner, Sanlam and African Rainbow Capital Financial Services, which holds a 51% and 26% shareholding respectively in African Rainbow Life after a more than R300-million capital injection. The balance in African Rainbow Life is held by Siyakhula Consortium .
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: SA Needs `Robust Action’ to Cut Fiscal Gap, IMF SaysSouth Africa needs to take “robust actions” to reduce its fiscal deficit and reverse the increase in public debt, the International Monetary Fund said Let’s explain that to Cyril “the tortoise” Ramaphosa But we have a govt unable to make the really tough decisions
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Liquidity risks haunts China’s fast-growing bond marketsJust as Beijing is opening up to outsiders its byzantine regulatory framework and patchy trading volumes could cause a shock in the country’s debt market. But pravingordhan must be held account him and PresJGZuma there is no difference all have violated the constitution. Pravin is not above the law. Did u get that clear?
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: After gobbling up Lonmin, the Sibanye juggernaut rolls onSibanye-Stillwater and Lonmin shareholders on Tuesday 28 May 2019 approved a takeover offer by the former for the latter. This marks the end of one era in South African platinum as Lonmin, formerly linked to Lonrho, rides off into the sunset, with a history stretching back over a century. And a new era is in the offing, as Sibanye becomes the world’s largest primary producer of platinum group metals (PGMs), with an eye on expanding into battery metals.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK — INVESTMENT ANALYSIS: Beyond traditional investments: cranes, planes and rock ’n rollCranes, planes, and rock and roll don’t seem to quite fit into the world of hard-core investments, but you may already have them in your portfolio. What are they doing there?
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Once bulletproof, listed property stocks are flounderingThe listed property sector managed to ride out the economic and political turmoil during the corrosive Jacob Zuma years. Investors backing listed property stocks were consistently rewarded with inflation-beating dividends. However, worsening trading conditions are dampening results and forcing companies to downgrade their dividend growth.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK — INVESTMENT ANALYSIS: Naspers: to infinity and beyondCape Town based internet firm, Naspers, has announced it will list a subsidiary company, Newco, on the Euronext exchange in July. Newco will hold all of Naspers offshore technology assets, including Tencent, OLX and PayU, and will have a secondary inward listing on the JSE. Naspers will remain listed on the JSE.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: U.S. probe of Google’s online ad dominance would appease long suffering rivals, publishersAd tech firms and publishers have had to stay in the good graces of Google or risk insolvency. For them at least, the US Justice Department probe is welcome.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Tuesday, June 4: Five Things You Need to Know to Start Your DayThe technology industry is girding for sweeping investigations into its business practices and FAANGS got hit by the news. Asia equities are in the green despite a U.S. selloff. And China warns students on the growing risks of seeking a U.S. education. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: Tongaat Hulett scandal raises more red flags about governance in corporate South AfricaCorporate South Africa has long prided itself on its sophistication, governance ethos and commitment to the highest global standards of accounting and transparency. A strong corporate culture and deep and liquid financial markets for years set South Africa apart from many of its emerging market peers. That is starting to unravel, with Tongaat Hulett the latest South African company to signal that it will have to ‘restate’ profits because they were not up to scratch first time around.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: South Africa’s carbon tax raises questions and hot airAs of Saturday 1 June, South Africa’s government is taxing carbon. This policy is designed to make polluters pay and help the continent’s most industrialised economy meet its targets to reduce the emissions of greenhouse gases linked by most scientists to climate change – the burning ecological issue of our era. But is it an appropriate policy for a developing economy with energy-intensive industries?
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: SAA CEO Jarana resigns, placing SAA’s turnaround plan in questionNot again. Not another one. SAA CEO Vuyani Jarana has resigned, becoming the eighth SAA CEO to resign in the space of six years, raising the question of whether the airline is now so run down from years of mismanagement and corruption that it's possible to save it at all. And there is the niggling issue of whether government even wants to save it.
Source: dailymaverick - 🏆 3. / 84 Read more »