Hollard Life reportedly acquires Absa Life Zambia in strategic expansion move

Hollard Life Insurance has reportedly completed the acquisition of Absa Life Zambia’s business in a strategic move aimed at expanding its presence and footprint across the Southern Africa region.

Chief Executive Officer, Paul Nkhoma, said the 100 percent acquisition would see the Absa Life Zambia insurance team integrated into Hollard Life operations, with existing policyholders reportedly set to be jointly served by the combined team.

Announcing the development during a media briefing held at the Radisson Blu Hotel in Lusaka on Monday, Nkhoma described the transaction as a significant milestone for the company.

He said the acquisition also aligned with the company’s broader purpose of enabling more people to create and secure better futures.

“Customers holding Absa Life Zambia policies are assured there will be no impact on their benefits or the exceptional service they have come to expect, while Hollard Life reinforces its commitment to ensuring a smooth transition,” Nkhoma said.

He added, “Our strategic focus is to expand our presence and grow throughout the region. This acquisition directly supports that goal and allows Hollard to live its purpose of empowering more people across Africa,” he added.

Nkhoma also noted that the acquisition would allow Absa to exit its role in the manufacturing of insurance products in Zambia, while still maintaining a strong presence in the insurance space through a focused bancassurance distribution model.

Meanwhile, Pensions and Insurance Authority (PIA) Deputy Registrar – Insurance, Dr. Brian Manchishi, urged Hollard to ensure there was no disruption in service provision during the transition period.

“This acquisition is a testament to the resilience of the insurance industry in Zambia. It will create financial stability for Hollard customers,” Manchishi said.

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