SmartLife is a licensed South African life insurance company and provides us, in the future, with an opportunity to offer relevant insurance products directly to our existing customer and employee base in South Africa, once all the regulatory formalities have been addressed.
We intend to offer this customer base a full spectrum of products applicable to this market segment, including credit life, group life, funeral and education insurance policies. SmartLife commenced activities in the second quarter of fiscal 2012. (Delete sentence in RED).
Prior to its acquisition by us, Smart Life had been administered as a ring-fenced life-insurance license by a large South African insurance company, had not written any new insurance business for a number of years and had reinsured all of its risk exposure under its life insurance products. SmartLife has been allocated to our financial services operating segment.
These business units have been allocated to our financial services reporting segment.