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SPRINGLIFE ASSURANCE IN FINAL TALKS WITH NEW INVESTORS

By NBF News
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The management of SpringLife Assurance Limited has assured its stakeholders that it will meet the deadline of its capitalisation as set by the National Insurance Commission by the end of the year.

The firm in a statement on Tuesday said discussions were currently at very advanced stages with a number of investors, who had indicated interest in the company.

It debunked speculations in some quarters that policy holders of Spring Life Assurance might suffer delayed claims, noting that the actuary firm had met all its obligations on claims as and when due and paid out claims to the tune of N441m in the last quarter.

It also cited a recent statement by NAICOM in which the regulatory authority assured customers and other stakeholders of the security of their existing insurance policies as the assets of the company were adequate to meet the obligations in respect of ongoing insurance contracts.

The insurance firm noted that there were several other insurance companies in similar circumstances with suspended licences, which were also involved in the recapitalisation process.

It blamed the spate of recent negative publicity on mischief makers, who feared that they might have lost out in the bid to acquire the company.