NIC confirms UT Life's ownership


The National Insurance Commission (NIC) has confirmed that the takeover of UT Bank by GCB would as announced by the Bank of Ghana on Monday 14 August 2017, does not affect UT Life insurance as it is owned and controlled by Leapfrog Investment.

 According to the commission, the acquisition of UT Life by Leapfrog was finalised in December 2015 with Leapfrog having around 84% stake in the business.

 The Commission stated that although the Insurance Act requires that all insurance and reinsurance companies meet a minimum capital requirement of GH¢15 million, UT Life Insurance is currently capitalized in excess of GH¢30 million with a capital adequacy ratio of 329%.

 In an interview, the Deputy Commissioner of Insurance, Mr. Simon. Nero Davor was emphatic that UT Life Insurance has a very strong financial position and would in no way be affected by the takeover.

“The two companies, UT Bank and UT Life Insurance have separate ownership, in fact in our books at the NIC, Leapfrog is the majority shareholder of UT Life with UT Holdings having about 12%. UT Bank is and has never been a shareholder of UT Life Insurance according to our books” he observed.
He also stressed that customers of UT Life Insurance should not entertain any fear at all as the NIC is there to protect them.

 “The work of the regulator is to protect the interest of the insuring public. In fact, we owe it a responsibility to ensure that insurance companies are up and doing. I can say emphatically that UT Life is one of the most capitalized Life Insurance businesses in Ghana currently.
The Management of UT Life Insurance Company Limited on Tuesday, 15th August issued a notice to its customers after the Bank of Ghana announced the takeover of UT Bank by GCB Bank Limited on Monday.

The statement stated that UT Life is separate from UT Bank and that customers’ policies and relationships with UT Life remain unchanged.

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