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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

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    Government partners private companies to mine abandoned iron ore in Oti Region

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    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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UT Life cedes 80 % stake to Leapfrog Investments

bycitibusinessnews
February 3, 2016
in Banking And Finance
Officials of UT  with some executives of LeapFrog Insurance

Officials of UT with some executives of LeapFrog Insurance

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Specialist investor company, Leaprog Investments has acquired majority stake in UT Life Insurance Company Ltd (UT Life).

Leaprog Investments has acquired 80 percent stake in the insurance company.

This brings to three, the number of direct investments by Leapfrog in Ghana and the second in the Life Insurance sector to be taken over by Leapfrog Investment in less than four years.

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Speaking to Citi Business News at the sidelines of the formal announcement of the move, Group Chairman of UT holdings, Price Kofi Amoabeng rejected claims that the leapfrog deal was as a result of the increase of the minimum capital requirement by the national insurance commission to 15 million cedis from 1 million cedis.

“It has taken us over three years to do due diligence in the Leapfrog company before accepting this investment. I can say that Leapfrog is the leader in designing insurance products for the mass-market and it is made up of an exceptional team of strategic operators and we believe they are the right guys to come in to ensure that UT Life becomes part of the market leaders in the insurance business in Ghana.” He said.

Prince Amoabeng added, “They are the right partner to take UT Life to its next level of growth. We look forward to seeing UT Life reach new heights as a leading force in the Ghanaian life insurance market. We are currently about the 8th best insurance company but in the next 3 to 5 years, we hope to see the company to be part of the first 3 in Ghana.”

–

By: Norvan Acquah-Hayford/citibusinessnews.com/Ghana

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