INSURANCE DIVISION (80% SHAREHOLDING)
- Simple and focused business model.
- Market leader with exceptional brand presence.
- Large and established customer base in excess of 232 000 insured members.
- Strong solvency position with significant growth prospects.
- Key competitive advantages through intergroup synergies.
The insurance division holds both long- and short-term insurance licences and continuously serves the needs of Namibians from all walks of life through its diversified product offering while building on its loyal customer base.
The short-term insurer primarily provides its members with access to high quality legal cover for those who otherwise would not be able to afford these benefits and in so doing, protected their constitutional rights.
The life insurer provides a range of affordable life products to suit the needs of ordinary citizens up to high income earners.
Trustco Life boasts the first product in Namibia to offer life cover benefits that increase as your health and habits improve as well as the first in the country to offer a 100% premium cash refund after 15 years.
During the reporting period, the insurance division generated gross premium income of NAD 168 million, paid out claims amounting to NAD 43 million and issued 2 642 new policies. A new product, OnawaMed, was also launched during the review period providing affordable medical benefits to individuals who cannot access traditional medical aid products. With more than 30 contracted health care practitioners, this product is now available to Namibians countrywide.