19 June 2009

Namibia: Swabou Life Gains More Momentum With New Range

AFTER more than two years of working together with the Momentum Group, Swabou Life on Wednesday said it intends changing its name to Momentum Namibia as soon as regulatory approval is granted.

Swabou celebrated the announcement by adding Momentum's Myriad life-cover offering to its suite of products. The product range, developed by Momentum, offers comprehensive risk-cover benefits to individual policyholders in a flexible and user-friendly package.

Swabou Life/Momentum Namibia Chief Executive Officer (CEO) Etienne Brits said the range will now be marketed, distributed, underwritten and serviced locally.

"This gives existing and prospective Namibian policyholders access to a wide range of world-class products as Momentum Namibia will continue to offer Swabou Life products to the entry and middle-income market segments, while the Momentum products will be offered to the upper-income market segment," he said.

Momentum Group CEO Nicolaas Kruger said the closer alignment is an important strategic development.

"Momentum is very positive about the growth prospects on the African continent and our commitment to make further investments in Namibia complements Momentum's wider African strategy. We view the Myriad product collaboration as an important step towards closer co-operation and it is envisaged that further leading products will be added to Momentum Namibia's offering in future," he said. FNB Namibia, the holding company of Swabou, welcomed the increased co-operation between Momentum and its life-insurance business in Namibia.

Commenting on the collaboration, FNB Namibia Group CEO Vekuii Rukoro said: "We are very excited about the value that will be created for policyholders, shareholders and all the other stakeholders of Momentum Namibia."

Swabou Life and Momentum started their collaboration more than two years ago when Momentum's book of Namibian policies was transferred to Swabou Life. Part of the strategy at the time was to unlock synergies between the two companies and to secure access to Momentum's intellectual capital.

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