Enhanced Investments - Financial Portal

Licence To Conduct Life Insurance Business In South Africa

Published: 2022-10-04 12:45:26 ET

Capitec Bank Holdings Limited
Registration number 1999/025903/06
Incorporated in the Republic of South Africa
Registered bank controlling company
JSE ordinary share code: CPI ISIN code: ZAE000035861
JSE preference share code: CPIP ISIN code: ZAE000083838
("Capitec")

LICENCE TO CONDUCT LIFE INSURANCE BUSINESS IN SOUTH AFRICA

The Board of Capitec is pleased to announce that the
Prudential Authority has granted Capitec a licence to conduct
life insurance business in South Africa.

Capitec has been offering credit life and funeral policies
through two cell captive agreements with the underlying
policies underwritten by licensed cell captive insurers.

Proposed changes to the third-party cell captive regulations
and strong growth in the number of insured clients prompted
Capitec to apply for its own life insurance licence. The
Prudential Authority approved Capitec’s application for a
licence to conduct life insurance business in South Africa on
3 October 2022. The licence has been granted to Capitec Life,
a wholly-owned subsidiary of Capitec.

Capitec Life will, in due course, replace the current cell
captive insurers as underwriter of Capitec’s credit life and
funeral policies.

Capitec remains committed to ensuring that its clients
continue to enjoy the simple, affordable, accessible and
personalised experience to which they are accustomed.


4 October 2022
Stellenbosch

Sponsor
PSG Capital

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.