Stanbic IBTC Holdings has said that it has reached advanced level in the process of establishing a wholly-owned Life Insurance subsidiary.
The company told stock brokers and investors that it has commenced the process of seeking Regulatory approvals to establish a wholly-owned Life Insurance subsidiary to be known and referred to as Stanbic IBTC Insurance Limited.
The Company Secretary, Chidi Okezie in a statement said the commencement of operations for this proposed subsidiary is subject to receiving all required regulatory approvals, including licensing by the National Insurance Commission. Accordingly, he said Stanbic IBTC will update the market upon completion of the regulatory approval process as well as licensing of the new subsidiary.
Stanbic IBTC holdings ended first quarter of financial year with a profit after tax of N20.6 billion against N29.1 billion reported the previous year. The group also recorded profit before tax of N24.4 billion from N23.5 billion achieved in the preceding year, representing a surge of 3.8 per cent. The company generated N61.4 billion gross earnings compared with N58.6 billion , indicating 4.6 per cent growrh.
