NCB to proceed with streamlining insurance business
Patrick Hylton, President and Group CEO at NCB Financial Group.
Financial conglomerate NCB Financial Group has received approval from the Financial Services Commission (FSC) to enable it to streamline the insurance businesses currently offered by its subsidiaries NCB Insurance Company (NCBIC) Limited and Guardian Life Limited (GLL).
Following the transfer of its insurance and annuities portfolio NCBIC will operate under a new company name and will sell insurance products as an exclusive agent of GLL as well as continue to provide pension fund administration and investment management services.
Insurance policies for existing policyholders will not be impacted, as GLL will honour the contracts being transferred on their current terms, NCB said in a press release.
Commenting on the approval, Patrick Hylton, President and Group CEO at NCBFG said: “Being able to streamline this area of our business means that we can start benefitting from economies of scale and experience, and continue to optimise our product and service offerings for our customers. Especially in times like these where more people have realised the importance of insurance, we want to be able to give them the best solutions to fit their needs.”
Hylton added that not only will customers benefit from the consolidated offerings in NCBFG’s insurance portfolio, but its business is also expected to see improvements in its operating efficiency and financial performance.
According to Hylton, these are key for maintaining viability and stakeholder value in the current economic climate.
The FSC approval obtained is in respect of the following:
• The transfer of 100 percent of NCBIC’s portfolio of insurance and annuities business to GLL which is to take effect on September 30, 2020
• Licensing of NCBIC as a dealer under the Securities Act
• Registration of NCBIC as an insurance agent under the Insurance Act under a new company name