APS Bank on Thursday announced that it has been authorised to act as Tied Insurance Intermediary for and on behalf of IVALIFE Insurance Limited for Class I Long Term Business – Individual and Group Life.

First announced back in 2019, the company, IVALIFE Insurance Ltd, this year obtained regulatory approval to start operations.

In a previous statement, APS Bank had said it was 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, APS announced that it was joining forces with Atlas Insurance, GasanMamo Insurance and Maltapost plc to form what is now IVALIFE Insurance Limited, with each of the four shareholders holding 25 per cent of the equity.

The February authorisation was 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.