13 December 2012

Tanzania: Mobile Phones, Banks Boost Insurer's Business

SMART partnership among African Life Assurance, banks and mobile phone companies has helped to boost the insurer business by about 30 per cent this year.

The firm, which is the biggest life insurer in the country, says the nation's life and general covers penetration is growing at 20 per cent each. According to African Life Assurance Chief Executive Officer Julius Magabe, initiatives to join hands with other stakeholders and extensive public awareness campaigns have paid off.

Mr Magabe was addressing reporters on Tuesday on the firm's victory in the Best Represented Financial Statement Award for 2011. This is the third consecutive year that the firm has scooped the award by the National Board of Accountants and Auditors (NBAA).

African Life won the third position in the insurance industry category in 2009, scooping the top prize in 2010 and retaining the title for life insurance category in 2011.

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