Assupol Life Limited is an insurance company in South Africa with a long history in providing insurance products to the police force. In the late 80’s, it expanded its offering to all South Africans, particularly serving previously disadvantaged groups. Assupol’s products include life, disability and accident cover; funeral cover; retirements products; and savings and investment products. Approximately 90% of Assupol Life Limited’s 240,000 individual life policyholders are black, previously disadvantaged individuals. A large portion of these individuals are from lower income segments. On 09 December 2010, Assupol was formally demutualized, thereby transforming from a mutual society to a stockholding company majority-owned by its policyholders. It is now known as Assupol Life Limited. The demutualization involved the creation of a holding company, namely Assupol Holdings Limited (“HoldCo”) that owns 100% of the life company, and has issued shares to policyholders and employees. In due course, Holdco will issue additional shares to new investors, including the IFC. In terms of the demutualization scheme a structured process is being implemented to assist the policy holders who became shareholders and who have not elected to retain their shares but to redeem their shares for cash. The redemption of shareholders would be made possible through the introduction of further strategic investors (other than IFC) over the next 18 months. Key to management strategy is to ensure that the company continues to be black empowered. Through this project, Assupol Life Limited is looking to raise ZAR170 MM (equivalent to approx. $24.3 MM) of capital from IFC following the demutualization. IFC’s role in supporting this process is to: (i) lend credibility to the transformation of Assupol Life from a mutual society to a stockholder company; (ii) enhance Assupol Life’s reputation in the marketplace; and (iii) provide Assupol Life with capital to expand its reach in South Africa and also selectively explore opportunities in other parts of Africa.