Life assurance sees surge in forex revenue

According to IPEC, funeral assurance and group life assurance remain the key revenue drivers for the sector, contributing a combined 87 percent of total income.

THE life assurance sector has recorded a 140 percent increase in foreign currency revenue, reaching US$76,91 million, as policyholders shift from local currency-denominated policies to forex-based oneAdvertisements This significant growth compares to the US$32,1 million recorded during the same period in 2022.“Given that a substantial portion of the business is recurring, the rise in forex…

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