13 February 2018

Liberia: Sunu Group Acquires 63 Percent of Equity Liberia

SUNU Assurance Group has finally acquired 63 percent ownership of Equity Assurance Liberia, a percentage the Central Bank of Liberia (CBL) is aware of and represents US$566,540 worth of shares bought by the French insurance group.

The Chairman of the Board of Directors of Equity Liberia, Steven Kolubah, who disclosed this to the Daily Observer over the weekend, said they have finalized the acquisition with SUNU, allowing the group to reinforce its presence in the Liberian economy.

According to him, "The new investment is in line with the vision of Equity Assurance, that is, to be a leading Africa insurance group. SUNU Assurance is present in 12 Francophone African countries while Equity Assurance is present in three Anglophone countries.

"This arrangement brings about its presence in 15 African countries, and Equity Assurance now belongs to a major insurance conglomerate in the continent. We hope to leverage on this to maximize all the possible economies of scale, including market competition for the overall benefit of our stakeholders."

On the way forward, the Equity Board Chairman said, "We plan to be innovative in service delivery, products development, cost management, customers' experience, and ensuring proper balance in all our dealings. We shall preserve and multiply the value of our shareholders and ultimately maintain a consistent dividend payment policy."

It may be recalled that the head of the management control and financial management division at Equity Assurance subsidiaries, Karim Franck Dione, told journalists recently that the taking over of Equity by the SUNU Group means that the group's marketing expertise and world-class technical capability will be made available to further strengthen the insurance sector in the country.

Dione added that the company will remain involved in the business to ensure a smooth integration, support performance, and continue long-standing relations with the Government of Liberia.

"This acquisition is part of the international development strategy of SUNU, which aims to accelerate its growth by entering new emerging markets with a high potential. This will enable SUNU to strengthen its position in Africa, which is a strategic priority for the Group," he said.

"So, SUNU is in Liberia to stay. As a pan African group, our vision is to develop our countries and continent in the 21st century. We want to say all is well that we as Africans can manage a company, create value, and develop and manage technology that will move the continent forward."

He reiterated the commitment of the Board to delivering returns on investments to shareholders, adding that the company hopes to achieve this by driving market penetration and expanding its frontiers in retail.

"New products will be developed to serve the needs of the insuring public, while more electronic distribution channels are being open to make its products more accessible to prospective policyholders," Kolubah added.

However, he explained that the SUNU Group is about to change the management of Equity Assurance to bring high performance to the table.

He said the change of management does not mean that the SUNU Group will bring on board foreign workers, but would rather use qualified and competent Liberians.

EQUITY Assurance Liberia Limited was incorporated in February 2008 and certificated by the Central Bank of Liberia on March 12, 2014.

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