Barclays, Absa Start Joint Life Insurance Venture in Zambia

Absa Group Ltd. (ASA) and its parent company, Barclays Plc (BARC), have started joint life insurance operations in Zambia, using the U.K. bank’s existing operations in the southern African country.

Called Barclays Life, the unit will offer credit life protection on loans, hospital cash plans and funeral cover, Johannesburg-based Absa said in an e-mailed statement today. Victor Munalula will be the life company’s managing director, Absa said, adding that he has “held numerous senior and executive roles within the Zambian insurance industry.”

Barclays bought control of South Africa’s Absa in 2005. Outside of its domestic market, Absa has a presence in Tanzania, Botswana and Mozambique, while Barclays has operations in 12 African countries.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.