APS Bank plc is pleased to announce that on 1st February 2021, the Malta Financial Services Authority gave its authorisation to IVALIFE Insurance Limited to carry out the business of life insurance.
In June 2019, the Bank announced that it was joining forces with Atlas Insurance PCC Limited, GasanMamo Insurance Limited and Maltapost plc to form what is now IVALIFE Insurance Limited, with each of the four shareholders holding 25% of the equity. The authorisation is for IVALIFE to write long-term business in relation to risks situated in Malta for Class I (Life and Annuity) and Class III (Linked long-term) under the Insurance Business Act.
Marcel Cassar, APS Bank CEO stated: “We congratulate the IVALIFE management team for their commitment and we welcome this authorisation as the company now gears up to start business. We look forward to working with the team and our esteemed partners to grow this project into a strong player that will create value to the market, the community and for us as shareholders.”