Barclays, Absa Start Joint Life Insurance Venture in Zambia
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Absa Group Ltd. and its parent company, Barclays Plc, 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.”