Local Business

LSA Group eyes TZ marke

FROM left: Lusaka Stock Exchange (LuSE) board chairman Alfred Lungu, LuSE chief executive officer Brian Tembo, Madison Group chairman Lawrence Sikutwa and Securities and Exchange Commission acting Chief Executive Officer Phillip Chitalu arriving for the inaugural listing of Madison Financial Services Plc on LUSE. - Picture by MACKSON WASAMUNU.

By KALONDE NYATI
LSA Group plans to establish a life assurance company in Tanzania at an estimated cost of US$4 million as the firm continues to expand.
LSA is currently operating MGen Tanzania Insurance Company Limited, a general insurance firm with an office in the Indian Ocean port city of Dar es Salaam.
The LSA Group is expected to establish a life assurance company in Tanzania next year as it expands in Zambia and southern African region.
Group chairman Lawrence Sikutwa said in an interview in Lusaka on Monday that the company was in the process of applying to the Tanzanian authorities for the establishment of the life ansurance company.
“We are already in Tanzania and the company has been operating for the last six years. We have developed a brand on which other companies can ride on,” he said.
He said the Tanzanian market has over the years recorded steady growth in life assurance and he is optimistic that the life assurance company the group intends to establish will take advantage of that market.
“Life assurance market is growing and so is the population and this offers a lot of opportunities for us,” he said.
Dr Sikutwa also said the group is looking for expansion opportunities in Kenya, Zimbabwe, Malawi and the Democratic Republic of Congo.
He said the LSA Group intends to establish micro-finance institutions in Kenya and Malawi, and a life assurance company in Zimbabwe.
Dr Sikutwa said the group was currently discussing with three organisations to partner in the establishment of life assurance in Zimbabwe.

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