Old Mutual, a leading international long term savings, banking and investment group, has officially launched its brand in Ghana, following the acquisition of Provident Life Assurance in 2013.

Old Mutual Life Assurance Company (Ghana) Limited as the company is now known, would have Provident Life’s licence to conduct life assurance business in the country as well as serve its portfolio of customers.

Mrs Mona Quartey, Deputy Minister of Finance, said the insurance industry, apart from providing financial security to businesses and families, also served as a vehicle for the mobilisation of funds for long-term investment.

She said to be able to play an effective role in the country’s socio-economic development, there was the need to maintain the highest professional standards, avoid the negative practices such as unduly under-cutting of premiums and providing credit at the expense of the ability to pay genuine claims.

“The insurance sector should also develop the right calibre of staff, especially through training, to enable them to compete favourably in the market,” Mrs Quartey said.

Mrs Quartey said government would continue to partner the industry to ensure that insurance was brought to the door-step of Ghanaians and called on industry players to intensify education and awareness campaign to bring on board prospective insurers and enhance the confidence of existing clients.

She advised Old Mutual Ghana and foreign participants in the insurance industry to play by the rules and regulations in their operations.

Ms Lydia Lariba Bawa, Commissioner of Insurance, said the Life Industry had grown tremendously since the passage of the Insurance Act, which abolished the licensing of composite companies and required existing ones to separate their life and non-life businesses.

She said although the ratio of life and non-life premiums had grown to 44 per cent to 56 per cent, the life sector was still growing and expressed the hope that the entry of Old Mutual would make it better.

Mr Luke Ngwerume, Board Member Old Mutual, said the company would leverage the global experience and financial solidity of its parent group and combine this with the local insights and well-earned reputation of Provident Life to provide new standards of the insurance products and services.

“The entry of Old Mutual into Ghana is in line with our priorities for 2014 and beyond. These priorities are to build an African financial services champion and become the recognised financial services leader in responsible business in all markets,” Mr Ngwerume said.

Mrs Nicolette Hendricks, Acting CEO, Old Mutual Ghana, said the company would draw on its years of experience and global expertise to meet the needs of customers.

Drawing on 169 years of experience, global expertise and an unwavering focus on the financial needs of customers,Old Mutual would offer relevant and meaningful life insurance and savings products that would change the way individuals and institutions perceived life insurance and the way they patronised it, she said.