UT Life Insurance Company Limited has not collapsed as its sister-company UT Bank.

This was contained in a statement issued by the insurance company after UT Bank collapsed and was subsequently taken over by GCB Bank.

In a statement issued by the insurance company, it said: “management of UT Life Insurance Company Limited wishes to assure all its cherished customers that the recent announcement by Bank of Ghana on the takeover of UT Bank by GCB Bank Limited does not in any way affect UT Life.”

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The statement also explained that UT Bank is a separate entity from UT Bank “therefore UT Bank has no ownership in UT Life.”

Read the press statement below

CUSTOMER NOTICE

Management of UT Life Insurance Company Limited wishes to assure all its cherished customers that the recent announcement by Bank of Ghana on the takeover of UT Bank by GCB Bank Limited does not in any way affect UT Life.

Customers’ policies and relationships with UT Life remain unchanged.

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UT Life is and has always been a completely separate entity from UT Bank, and therefore UT Bank has no ownership in UT Life.

UT Life was acquired by Leapfrog Investments from UT Holdings in December 2015 with a majority shareholding of above 80%.

UT Life is strongly capitalized at GH¢36 million which is over the minimum regulatory requirement of GH¢15 million.

Our capital adequacy ratio is over 300% as of June 2017 and reflects our financial stability, strength and liquidity.

Our offices remain open for business and you can contact us for further information on 020 202 1005.

Signed:

By Management