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PCL invests in insurance firm

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By McDonald Chapalapata:

Conglomerate Press Corporation Limited plc has invested in a new insurance holding company, Life Co Holdings Limited, which will trade in life insurance, pension services and asset management.

Press Corporation plc Group Chief Executive Officer (CEO) George Partridge, who is also Chairman for LifeCo Holdings Limited, confirmed the development in an interview yesterday, saying PCL controls 49.5 percent shares in the new company.

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The other shareholders are Equity Investments with 25.5 percent and Fidelity Limited with 25.5 percent.

He said LifeCo Holdings comprises of three operating subsidiaries namely LifeCo Life Insurance Limited, LifeCo Pension Services Limited and LifeCo Asset Managers Limited and all have been granted a licence to operate in their respective sectors.

“PCL wants to be part of that growth story in addition to being part of the financial inclusion movement to advance the deepening of the financial sector in general.

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“The company will also help the economy in managing the concentration risk in the country due to the duopolistic nature prevailing currently, hence the motivation to invest in this business,” Partridge said.

He said LifeCo Holdings Limited has been established to bring alternative services to customers that are looking for wider choice, competitive pricing, improved service delivery, innovative solutions and empathy.

The structure of the company has Partridge as its Board Chairperson and eight other directors namely Lyton Chithambo, Karan Savjani, Chiza Jere, Patrick Stanilad, Victoria Chanza, Pempho Chalamanda, Patrick Mpaka and Samuel Malitoni.

LifeCo Holdings Limited CEO is Ravi Savjani while well-known experienced Insurer Karim Osman is the CEO for LifeCo Life and LifeCo Pensions and Lilian Yamikani Macheso is the CEO for LifeCO Life Asset Management.

President of Life Insurance and Pension Association of Malawi Stain Singo welcomed the new company, saying it will bring competition to the market, which in the end will benefit customers.

“We hope they will be applying to join LIPAM so that we should serve our customers better,” Singo said.

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