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Assupol policyholders paid R891.9m

March 6 2013 at 08:00am

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Assupol had completed its transition from a mutual society to a public company by paying out a cash windfall of R891.9 million to more than 228 000 qualifying policyholders who had opted for cash payouts instead of Assupol shares, the insurer said in a statement yesterday. This is one of the biggest payouts by an unlisted South African firm to its shareholders and a once-off cash boost for thousands of policyholders. Assupol began its demutualisation in 2010 and has now fully transformed its capital structure and shareholder base. Of the firm’s 240 820 policyholders, 12 319 opted to retain their shares. – Staff Reporter


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