UT Launches Insurance subsidiary

Accra, June 12, GNA - UT Holdings has taken another step into the Financial Market, launching onto the market its insurance business with a pledge to commit to customer satisfaction and innovation in product design.

UT Life Insurance Company Limited aims at targeting the informal sector using non-traditional methods of selling products to create wealth.

The Managing Director of UT Life Insurance, Mr Tiibu Aziz Rayamah, said the company has through hard work and innovation been able to raise its stated capital to GH¢3.5 Million from less than on= e million Ghana cedis within a period of two years. He said the goal of the company is to improve the public perception of insurance in the country, adding that innovative distributive channels would be explored to reach out to clients. UT Life Insurance Company Limited (formerly Golden Life), was established in 2006 following the passage of the Insurance Act in 2006 (Act 724), which required all composite insurance companies to separate their life business from their general business. This led to the establishment of CDH Life Assurance Company Limited in 2008 from the then CDH Insurance Company Limited now NSIA Ghana. In 2009, a new institutional investor bought into CDH Life and with majority shares changed the name of the company to Golden Life Assurance Company Limited until its acquisition in 2010. UT Holdings, and thus changing the name to UT Life Insurance Company Limited to be consistent with the names of other UT subsidiaries. The launch of UT Life Insurance Company brings the subsidiaries of the UT Group to six comprising UT Bank, UT Logistics, UT Properties, UT Collections, UT Financial Services 96 Nigeria and Germany.