The National Insurance Commission (NAICOM), has given a fresh life licence to Crystalife Assurance Company Limited, following its rebranding and change of name from Equity Life Insurance Company.

The transition from Equity Life to Crystalife is a transitory stage in the journey of the life specialist firm now positioned to create additional value to its new investors, policyholders and other stakeholders.

With the change in its corporate insignia, the company is poised to further add to the legacies it has inherited. The flexibility, customer-oriented culture and professionalism of its people, puts it at a vantage position to take a giant position in the post consolidation insurance market.

Crystalife from its history commenced operations in 1983 as First Nigeria Insurance Company Limited, following Equity Insurance company acquisition of First Nigeria Insurance Company in December 1998, the name was changed to Equity Life. The company's mainstay has been the life insurance business.

It has shareholders funds of N2.8 billion far above the minimum capital stipulated for firms in its category.

Speaking at the formal launch of Crystalife in Lagos , the Commissioner for Insurance, Fola Daniel, said the company had operated from a relatively obscure position to the limelight as a result of the foresight and dedication of the management team.

He said with the successful conclusion of the industry recapitalisation, which has brought key investors and technocrats into the company, it was now equipped more than ever to compete with the best life offices in Nigeria and beyond.

Daniel, who was passionate about the future of life insurance in Nigeria, said life market is going to drive insurance in the nearest future considering the nation's population of over 140 million.