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UBA Metropolitan Life Insurance Ltd

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UBA Metropolitan Life Insurance Ltd

Overview:

UBA Metropolitan Life Insurance Limited is a company that emerged following the successful recapitalization and change of name of erstwhile HEIRS Life Assurance Company Limited.

The company is a joint venture between United Bank for Africa plc (UBA) and Metropolitan Holdings Limited of South Africa, a Johannesburg Stock Exchange listed company that has been doing business in South Africa for more than a century. This unique and potentially powerful strategic alliance has a market capitalization in excess of N2 billion.

The company has the advantage of building on UBA’s strong brand, large distribution network and expertise, and Metropolitan’s success as a low-cost developer, administrator and distributor of life insurance and financial products and services. Risk and Investment products are the key areas of focus with strong emphasis on group life insurance, credit protection, including mortgage protection, and other areas of particular need for Nigerians. The company has developed very unique products specifically for the Nigerian market. Affordability and accessibility is of paramount importance, while adherence to international best practice in all spheres of the business especially corporate governance is our benchmark.
UBA Metropolitan Life Insurance Limited is a company that emerged following the successful recapitalization and change of name of erstwhile HEIRS Life Assurance Company Limited.

The company is a joint venture between United Bank for Africa plc (UBA) and Metropolitan Holdings Limited of South Africa, a Johannesburg Stock Exchange listed company that has been doing business in South Africa for more than a century. This unique and potentially powerful strategic alliance has a market capitalization in excess of N2 billion.

The company has the advantage of building on UBA’s strong brand, large distribution network and expertise, and Metropolitan’s success as a low-cost developer, administrator and distributor of life insurance and financial products and services. Risk and Investment products are the key areas of focus with strong emphasis on group life insurance, credit protection, including mortgage protection, and other areas of particular need for Nigerians. The company has developed very unique products specifically for the Nigerian market. Affordability and accessibility is of paramount importance, while adherence to international best practice in all spheres of the business especially corporate governance is our benchmark.

History:

In July 2007, Metropolitan and banking group UBA plc, Nigeria, entered into a 50-50 joint venture. UBA is the largest bank in Nigeria with over 600 branches and 5 million customers, as well as a number of other international operations, including a bank in Ghana. The head office of UBA Metropolitan Life Insurance Ltd. is in Lagos.

New minimum capital requirements for life companies took effect in 2007, leading to a degree of consolidation and a challenge from some market players on the legality of the new requirements. Although the matter has now been resolved and despite UBA Metropolitan Life satisfying the new capital requirements, the uncertainty in the market led to delays in licensing and in starting business. UBA Metropolitan currently employs over 100 people.

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