CFC Life has initiated the process of recalling all its branded products ahead of its rebrand to Liberty Life Assurance Kenya Limited planned next week. According to the company, the transition has been necessitated to boost its visibility internationally and clear confusion of between its name and that of CFC Stanbic.
“We are aligning ourselves with Liberty Holdings, which enjoys presence in over 15 African countries,” Abel Munda, the Managing Director at CFC Life told a media workshop on Wednesday.
The South African based wealth manager Liberty Holdings entered the Kenyan market in 2009 and became a strategic investor with CFC Life and Heritage in 2010. The partnership which took place led to the listing of CFC Insurance Holdings on the Nairobi Stock Exchange (then the Nairobi Stock Exchange) in 2011.
CFC Life has undergone several brand transitions since its inception in 1964 including ALICO, CFC Stanbic Holdings, CFC Life Assurance Company and later to CFC Insurance Holdings.
The 2013 Industry statistics for Gross Written Premium placed the CFC Life 5th after Britam, Jubilee, Pan African Life and ICEA Lion Life. Currently, there are 22 life insurance players in the country with an entry of Barclays Bank and Prudencia Insurance anticipated to increase this number.
“Banks had in the recent past taken over distribution of life insurance distribution products but this is bound to change going forward,” said Mr Munda.
CFC Life Legal officer Caroline Kioni said the change of name will not occasion revocation of any licenses or registration of new products by the company.
“Liberty Kenya Holdings has given us a go ahead for the name change just like our business stakeholders,” she said.
The new name and logo will take effect on October 28, 2014.