Malta has a new player on the life insurance market, the fruit of a partnership between four of the most respected companies on the islands.

Announced back in 2019, the company, IVALIFE Insurance Ltd, has now obtained regulatory approval to start operations.

In a statement, APS Bank plc 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 had 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 authorisation is 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.

APS Bank CEO Marcel Cassar said, “We congratulate the IVALIFE management team for their commitment and we welcome this authorisation as the company now gears up to start business.”

“We look forward to working with the team and our esteemed partners to grow this project into a strong player that will create value to the market, the community and for us as shareholders.”