The management of SpringLife Assurance Limited has said that it will meet the deadline of its capitalisation as set by the National Insurance Commission (NAICOM) by the end of the year.

In a press statement yesterday, SpringLife Assurance said that discussions are
currently at very advanced stages with a number of investors, who have indicated interest in the company.

It stated that the actuary firm has met all its obligations on claims as at when due and as a matter of fact paid out claims to the tune of N441 million in the last quarter.

It also cited a recent statement by NAICOM in which the regulatory authority assured customers and other stakeholders of the security of their existing insurance policies as the assets of the company are adequate to meet the obligations in respect of ongoing insurance contracts.

The insurance firm noted that there were several other insurance companies in similar circumstances with suspended licenses and who are also involved in the recapitalisation process.

It blamed the spate of recent negative publicity on mischief makers, who fear they may have lost out in the bid to acquire the company. The statement added that a lot of work has been done towards stabilising the insurance firm, which includes a change in management.