AVBOB Reward to Policy Holders to the Tune of R1 Billion on 1 May 2016
March 31, 2016
There was a special announcement during this year’s AGM for insurance firm AVBOB following the company’s great financial performance in the 2014/2015 financial year. It encompasses an AVBOB reward to policy holders to the tune of R1 billion.
The company’s net new insurance business went up by an impressive 30% and premium collections rose by 16.8% while the number of people covered by AVBOB climbed to 4.3 million. Even after allocating more than 4 million Rand to increased policyholder benefits, AVBOB has retained its Capital Adequacy Ratio cover at over four times. The improved business even allowed AVBOB to enlist 500 new employees.
AVBOB Reward – Additional benefits
After raking pre-tax revenues to the tune of 1.2 billion Rand AVBOB, through their Group CEO Frik Raderman, told policyholders to expect added benefits on their policies. As a mutual assurance society with no external shareholders, AVBOB’s customers will receive the benefits that ordinarily would be given as increased dividends to shareholders. The benefits for those with AVBOB covers will come in the form of higher funeral policy benefits and special bonuses.
Commitment to customers
But according to Raderman, this is not the first time AVBOB’s policyholders are sharing in the company’s burgeoning profits. In the last eight years policyholders have received over R4,5 billion, proving the company’s commitment to treat its customers as family and prioritise their needs. It is also a way of letting policyholders enjoy value for their money while proving AVBOB’s commitment to them.
So members of AVBOB can look forward to a free basic funeral if they have had active policies for the past two years. If your AVBOB funeral cover is less than two years old you will still enjoy a R 4,000 discount on a funeral. On top of this they will have free transportation of the body to any location within South Africa. This benefit applies across the board regardless of the period the policy has been active for.
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All info was correct at time of publishing