Absa Life is pleased to announce that it has been granted the necessary regulatory approvals, including approval from the South African Reserve Bank, to acquire a controlling interest in the direct life insurer Instant Life. This includes meeting all other conditions customary for a transaction of this nature.
The digital revolution promises to change the face of South Africa’s insurance market over the next few years as new entrants and established players alike use the latest technologies to deliver products that are cheaper, more convenient, and more personalised.
Absa announces a transaction to acquire a controlling interest in direct life insurer Instant Life, subject to regulatory approvals (including approval from the South African Reserve Bank) and other conditions customary for a transaction of this nature. The transaction will give Absa a 75% stake in the business.
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