By JUDITH NAMUTOWE –
THE African Life Assurance Company Zambia Limited has rebranded to Sanlam Life Insurance Company Zambia Limited.
Sanlam, a South African-based financial services group, owns a 70 per cent stake in African Life Insurance Zambia Limited through Sanlam Emerging Markets (SEM), a  business cluster responsible for the Sanlam’s financial business services in emerging markets outside South Africa.
SEM chief executive officer Heinie Werth said  in Lusaka on Tuesday evening that Sanlam Life Insurance Zambia would continue offering a full range of life insurance products for both personal and corporate clients in Zambia.
Mr Werth said Zambia was an attractive market because of the country’s economic growth prospects and as a key player in the Southern African region.
“Sanlam has the expertise and experience to add value to the life insurance business in the country,” Mr Werth said.
He said, in a country where life insurance penetration is relatively low, the financial education of consumers is an important priority.
He said over the last 14 years, the company has written in excess of 300,000 individual life insurance policies covering more than one million lives since its inception in Zambia.
African Life Assurance has further paid life insurance claims worth more than K326 million.
Officiating during the rebranding cocktail, Commerce, Trade and Industry Deputy Minister Raymond Mpundu said Government welcomed private sector initiatives, such as the rebranding of African Life Assurance Company Zambia Limited to Sanlam Life Insurance Company Zambia Limited, which build on its effort targeted at improving financial and security.