ZSIC Life Company
ZSIC Life Limited is a subsidiary company of ZSIC Limited, previously under a composite insurance company structure, born following the compliance and demutualization of the Zambia State Insurance Corporation Limited in 2008, to strategically underwrite long-term business under ZSIC group of companies. The Zambia State Insurance Corporation Limited was incorporated in 1968 under the Companies Act, CAP 686 of the Laws of Zambia following the Mulungushi reforms of 1968, which ushered in the process of nationalization. Until the early 1990’s when the economy was liberalised and allowed for new entrants into the industry, the corporation was the only insurer in the country.
Before the liberation of the insurance industry the Zambia State Insurance Corporation Limited was the only insurance company in the market, and therefore gained vast experience in transacting both short and long term insurances.In line with the provisions of the Insurance Act No. 27 of 1997 as amended by Act No. 26 of 2005, the Zambia State Insurance Corporation Ltd underwent restructuring and compliance exercise.As a result of the restructuring and compliance exercise the Zambia State Insurance Corporation Limited was split into three separate business entities, namely ZSIC Limited, which is the Holding Company, ZSIC General Insurance Limited and ZSIC Life Limited as subsidiary companies.
The ZSIC Life Limited was incorporated in April 2008 and licensed in December 2008 by the Pensions and Insurance Authority as Pensions Fund Manager and Pension Scheme Administrator, to transact long term insurance business and Pension Fund and Administration; with Assets under Management in excess of K400 billion as at close of February 2009. The ZSIC Life Limited is a wholly owned subsidiary of the Holding company. In August 2008, the ZSIC Life Limited was rated BBB+ by the Global Credit Rating Company. It is anticipated that the next Credit Rating Assessment conducted during the first quarter of this year.
The ZSIC Life Limited took over the life book of the entity as well as Pension Fund Management and Administration of the multi-employer Pension Trust fund which was incorporated in April 2002.
ZSIC Life Limited has a network of branch offices in all provinces, which makes it easily accessible to clients countrywide. ZSIC Life Limited provides various categories of long term insurance services.The Company’s Headquarters is currently at Insurance House, next to Bank of Zambia, in Lusaka.
ZSIC Life Limited prides itself among the leading assurance, savings and wealth management business in its chosen markets in Zambia and maintains a flexible administration and pension fund management business portfolio to meet the ever-changing needs of esteemed clients. In addition, management has continued to invest prudently in line with International Insurance Financial Standards.