Real Insurance Company of Malawi Limited chief executive officer Grant Mwenechanya said the listed insurance firm is undergoing brand audit, in anticipation of name change early next year.
This follows the acquisition of 99 percent stake in its parent company Real Insurance group of Kenya by British American Investments Company (Kenya) or Britam, an east African financial services firm.
Real Insurance Kenya held 65 percent shareholding in Real Insurance Malawi.
“We are currently doing a brand audit which may take a bit of time. Most probably by next year, the company will change name to Britam because it is a big and well-known brand in Africa,” he said on the sidelines of a cocktail party the company hosted in Blantyre on Friday for the visiting Britam officials from Kenya.
The acquisition of Real Insurance Malawi has ensured that Britam expands its presence in Africa, and currently it operates in Rwanda, Kenya, Uganda, Tanzania, Mozambique and South Sudan.
Britam group managing director Benson Wairegi earlier said the transaction will enable the company to implement its strategy in expanding its general insurance business and diversify its presence into key geographical areas that include growing frontier markets.
He said the transaction has resulted in the creation of a large Pan-African insurance group with a presence in seven African countries.
“Britam group now has the largest geographical presence of any other insurer in the region and is now well positioned to provide our customer with regional breadth unmatched by our competitors as well as leveraging on the huge growth opportunities in this region,” he said.
The acquisition will also improve the operational capacity of the Malawi operation through improved efficiency and better customer service and strengthen financial, technological and human capital bases, he said.
Malawi also stands to benefit economically through growth of gross domestic product (GDP)—the broadest measure of economic performance—as well as tax revenues and employees base.
Since the announcement of the acquisition this year, Real’s share price has doubled to K2.30 as at the close of business last Friday from K1.15 per share in April.