Aflife (African Life Financial Services Zambia Limited)
Making a better life possible for you
Ownership
Botswana Insurance Fund Management 70%
Menel Management Services 30%
Established in 1992, following the economic liberalization policy of the Zambian government and opening up of financial services sector, Aflife initially began operating as a Financial services division under the mining giant Anglo American Corporation. In 1996 the division was incorporated into a separate wholly owned subsidiary dedicated to pension fund administration and asset management. In 2000 as part of global restructuring of the Anglo American Group mining interest in Zambia, 50% of the company was sold to Botswana Insurance Fund Management (Bifm) to create a new strategic alliance. Anglo divested from the company at the end of March 2004 when 30% equity was acquired by Menel Management Services Limited, a Zambian empowerment consortium, while Bifm bought the remaining shares and created Staff Merit Incentive Bonus scheme (a phantom share scheme).
Regulation
Aflife is registered with the Pensions and Insurance Authority and regulated under the Pensions Schemes Regulation Act of 1996 and the Income Tax Act (as amended). The investment activities are also regulated by financial services regulations such as the Banking and Financial Services Act, and the Securities and Exchange Commission Act.
About us
Zambia’s leading private sector financial services company focusing on;
Asset Management
-
Fund of funds
-
Segregated fund (Stand alone)
-
Investment consulting /adviser
-
Property management and development
-
Real estate management
-
Corporate finance & advisory services
Employee Benefits Administration & Consultancy
-
Pensions information management
-
Pensions technical consultancy
-
Investment advisory services (Managed by Employee Benefits Zambia Ltd, a wholly owned subsidiary)
-
Created and manages the Saturnia Regna Pension Trust Limited,Zambia’s largest private sector pooled trust fund
Aflife History
1992 Saturnia Regna Pooled Fund formed
Anglo American Corporation Central Africa Limited (AACCA) created a dedicated division to manage the pooled fund in 1992.
1996 AACCA incorporated a separate wholly owned subsidiary AACCA Management Services Limited (AMSL) to manage Pension Funds.
2000 50 percent of AMSL was sold to BIFM a subsidiary of Botswana Life and a member of the African Life Assurance of South Africa Group.
AMSL name is changed to African Life Financial Services Zambia Limited.
2004 AACCA divested from financial services business and BIFM became a 70 percent shareholder of Aflife Zambia.
30% of Aflife vested into Menel Management Services a Zambian owned company through an empowerment transaction.
2005 Sanlam takes over control of Aflife Assurance SA Aflife became a member of the Sanlam Group when
2006 Aflife entered a property development and management joint venture with RMB Properties via Sinyuka Property Development and Management Company
2007 Aflife created E Benefits Zambia (Employee Benefits Zambia Limited) as a dedicated pensions administration and consultancy business
Investments Philosophy
-
The Fund management has been subcontracted by the respective Trustees to Aflife via integrated Investment Management Agreements.
-
Aflife operates within agreed investment guidelines as set by the Trustees.
-
All activities are kept within the provisions of the prevailing legislation and deviation, if any, only exist with Regulator approval.
The Investment Process
Our investment process is broken down in five main categories as follows
Vision Statement – Investments
The company’s vision is to be recognized as a vibrant, financial services provider of choice, offering proactive solutions to rejuvenate the faith in long term savings and investments.
Mission Statement – Investments
To provide best industry practices to the independent management & administration of savings originating from life assurance, pension & provident funds, large corporates & individual savers through:
-
Service excellence at all levels
-
Sound and professional advice
-
Superior investment performance
-
Cost efficient delivery
-
Generation of diversified investment portfolio
Zambians at your service
Since its inception in Zambia, Aflife has taken lead in empowering Zambians in the successful running of the operations with 30% of the company owned by Zambians.
Aflife boasts of its robust performance via its superior relationships and compliance with Industry Regulators (Pensions & Insurance Authority, Securities & Exchange Commission, the Ministry in charge of labor and social security).
Aflife is partly owned by Zambians and largely managed by Zambians. We have successfully created management capacity and continue to improve our human resource for the business; adapted world class processes and systems; operate on a robust integrated pension administration system; outperformed agreed performance benchmarks and competitions; and we are compliant with statutory and regulatory imperatives.
We are currently undertaking the following functions in all the mandated business portfolios
-
Integrated Pension Fund Administration
-
Asset management
-
Segregated and Pooled Funds
-
Technical and Consultancy Services
-
Training, Conversions, Communication, Implementations
-
Actuarial Services
-
Valuation, Aids Modeling, Employee Risk Benefits.
Our entity is structured in these lines in order to perform and deliver the service that is beyond our clients’ expectations at all times .
Aflife draws a dynamic and professional team who have the privilege to be in constant touch with the external expertise in Botswana, South Africa and specialists in relevant fields world wide. This implies that in terms of investment policies, we are geared to perform even better and beyond our clients’ benchmarks.
We are committed to our equitable business practices, notably regarding our working relationship with the most important asset – the Zambian people. The principle of employment equity, in particular, is such an important matter to us that it is currently one of Sanlam Group’s key strategic issues.
Mr. Muna Hantuba (CEO)
Over 22 years experience in Banking and financial services with Meridian Bank, Anglo American Corporation (CA) and Aflife Zambia.
Mr. Bryson Hamanzuka (Manager Employee Benefits)
Over 20 years experience from the mining house Zambia Consolidated Copper Mines, PriceWaterhouse Coopers, ZAMANGLO Industrial Corporation and Aflife.
Mr. Sanjib Chakravorty (Chief Operations Officer)
Chartered Accountant with more than 13 years experience in the audit, offshore, tax and risk management section, from DCDM Group, Pricewaterhouse coopers and Aflife Risk Management and Controls.
Aflife Zambia has a robust risk management structure in place for risk identification and mitigation. An outsourced internal audit procedure is conducted by appointed auditors of international repute and takes place bi-annually which places its report to the Audit Committee. The same report is tabled at the Group Level and is considered by the Audit Committee of the Holding Company. Both the committees track the progress of the issues raised by the said report. Such trackings usually take place on a quarterly basis when audit committee meetings take place.
At the company level, there is a risk management committee comprising of the heads of departments and senior management staff who meet on a monthly basis to ascertain the current risks and emerging risks, if any. Risk management is done both internally and externally
Risk Diversification
Benefits of diversification (not directly apparent)
Case for Zambia:
International Capabilities
Our international investment team follows a multi-manager approach, which is founded on the supposition that no single organization has a monopoly on all the top skills or all the best risk-adjusted performance prospects. The teams are based in Cape town & London, allowing members to liaise directly with international investment management organizations.
Because managers are continuously assessed for merit, we maintain no formal affiliations. Our international approach is independent of any bias, aiming instead to reduce incompetent managers to maximise the diversification benefits from their different excess return streams. A systematic and disciplined process enables us to research and monitor hundreds of international managers on a continuous basis.
We apply proven, sophisticated systems to analyse such data and then to construct a portfolio of different managers for each product to achieve the required level of diversification.
Commitment
Aflife is deeply aware of how vital the sociopolitical environment is to the success of its business, and has a focused social strategy in place, supported by a corporate social investment programme. We take great pride in offering you an investment capability that is international in performance potential yet essentially Zambian. Our commitment to increasing client assets mirrors our wider commitment to one of Africa’s success stories.
Contact Us
Physical Address
African Life Financial Services Zambia Limited
74 independence Avenue
Mpile Office Park
Lusaka Zambia
Postal Address
P.O Box 51331
Lusaka
Telephone:
+260 (211) 252265/253772
Fax:
+ 260 (211) 253112
Kitwe Office
Physical Address
The Regional Manager
African Life Financial Services Zambia Limited
Plot 300 # 1 Freedom Way
Postal Address
P.O Box22090
Kitwe , Zambia
Telephone:
260 (212) 229090
Fax:
260 (212) 229086
Email Address:
info@aflife.co.zm
Content within this section:
