Franco-phone African Insurance Group buys into Equity Assurance

Matthew Otoijagha

Franco-phone African Insurance Group, SUNU has bought substantial equity (67 per cent) of Equity Assurance Company Liberia Ltd. This represents a total of US$1.389, 540 million shares bought by the group. The acquisition has given the SUNU Group presence in the Liberian market.

Steven S. Kolubah, Board chairman of Equity Assurance, who disclosed to newsmen in Monrovia, said the partnership with SUNU will bring with it keen competition in the market and engender growth.

The Group already has operations in 11 other African countries including Benin, Burkina Faso, Cameroon, Central Africa, Guinea, Gabon, Mali, Niger, Senegal and Togo, Mr. Kolubah said.

“They are coming in with better technology, capital, ideas, expertise and products. Those of us that have been in insurance, we need to really brace up. These people are coming in stronger terms,” he added.

According to him, “the new investment is in line with the vision of Equity Assurance, that is, to be a leading Africa insurance group.

“This arrangement brings about market presence in Africa and Equity Assurance now belongs to a major insurance conglomerate in the continent. We hope to leverage on this to maximize all the possible economies of scale including market competition for the overall benefit of our stakeholders.”

As a strategic step, Mr. Kolubah said, they are expected to re-brand to the new company, because majority’s share of Equity is been purchased by SUNU Group. He re-assures the public and their valuable customers that they are here and ready to do business and to improve the insurance industry.

“I want to be clear to the public, our customers out there who have being so loyal to us , we as a company are here to stay, not only to stay, but to do the best that will add value to our products and the insurance industry in Liberia,” he said.

On the way forward, the Equity Board chairman said, “We plan to be innovative in service delivery, products development, cost management, customers experience and ensuring proper balance in all our dealings. We shall preserve and multiply value of our shareholders and ultimately maintain a consistent dividend payment policy.”

Karim Franck Dione, head, management control and financial management divisions function, Equity Assurance subsidiaries, said a major point of attraction for investing in the Liberian market was the visibility of developmental projects and prospects for growth in the economy.

With the vast experience and exposure that SUNU has in doing insurance business internationally, he said it bring in a lots of experience to assist Equity Assurance to develop faster. The company, he added, was also adding value because it believed in working through the local people thereby creating employment opportunities in the society.

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