Safrican, Cape Town

This development spurred rapid expansion into the group funeral market, based on heightened awareness amongst employers of the need to improve benefits for their employees. Safrican expanded and established offices in three major cities, namely, Durban , Cape Town and Port Elizabeth . In 1994 Safrican was purchased by the Fedsure Group and later became a separate operating division concentrating on providing funeral benefits. With the years of experience and expertise gained, Safrican made an even greater impact in this niche of the market. In 1995, Thebe Investment Corporation became Safrican's major shareholder. This co-ownership resulted in the emergence of Safrican Insurance Company Limited. Steadily Safrican gained more and more share, in the Funeral Assurance Market. Safrican is currently the country's leading funeral policy underwriter with more than 2 million principal lives and more than 7 million lives insured, giving it a market share of more than 50%. Because 60% of the Safrican staff are black and grew up with the stokvel culture of saving, Safrican believes that no one knows their market more intimately than they do. The township dynamics of funerals are something that Safrican do not theorise about, but know very well indeed. On 1 December 2006, Channel Life acquired 100% shareholding in Safrican. However, during the close of 2007, Thebe Investment Corporation - South Africa's oldest BEE company, has once again gained a 15% direct shareholding in Safrican. Channel Life holds the remaining 85% shareholding in Safrican Insurance Company, with both shareholders looking forward to support Safrican on its path of fast growth.