Bona Life attracts interest from suitors

Doors closed: Bona Life struggled to stay afloat, closing once before in July 2018. In the picture is the notice clients saw at the firmu00e2u20acu2122s headquarters at that time
Doors closed: Bona Life struggled to stay afloat, closing once before in July 2018. In the picture is the notice clients saw at the firmu00e2u20acu2122s headquarters at that time

Troubled life insurer, Bona Life is attracting interest from takeover bidders, with its statutory manager confident that policyholders, particularly pensioners, will be protected.

With a portfolio of P712 million in policies, Bona Life was placed under statutory management in January, after it failed to meet the prudential capital thresholds set by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA).

The life insurer, which was the third largest in the country at the time, had struggled due to a shareholder stalemate over recapitalisation of the business, which saw the firm’s founder, Regina Vaka, exit early in January.

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