Leadway acquires 3A Life Insurance Company Cote d’Ivoire
The Nigerian insurer Leadway Assurance has recently purchased the Ivorian company 3A Vie. This transaction gave birth to a new company named Leadway Life.
With a capital of 3 billion FCFA (5 million USD), the new entity officially started operating on 22 August 2018. It currently has four branches in Côte d’Ivoire.
The newly-created company, according to Atlas Magazine, has just launched a mobile application allowing Internet users to take out life assurance online. It has also set up a call center to respond to the inquiries of clients in a customized way.
There is a further new provision: Leadway Life is committed to providing insurance policies for a one- year period, while conventional life contracts are spread over an average of five years. According to Tiornan Coulibaly, general manager of the company, this type of contract is an incentive for low-income people to underwrite life insurance, a product generally considered as a luxury in Côte d’Ivoire.
Established in 1970, Leadway Group has been awarded an A + rating by the African rating agency Global Credit Rating. The company has six subsidiaries and 23 branches.