Overview
Land Bank’s banking operations are supplemented with insurance services through our two insurance subsidiaries known as
Land Bank Insurance Company (LBIC) and Land Bank Life Insurance Company (LBLIC), which are wholly owned by Land Bank.
They are licensed short-term and long-term insurance companies that consist of two core operating segments: insurance and investment. They operate under the guidance of a separate board and are regulated by the Short Term Insurance Act 53 of 1998 and Long Term Insurance Act 52 of 1998 respectively. The Land Bank Insurance Board has adopted all Land Bank policies as far as they are applicable. LBIC was established in 2012 and started trading in 2014 and provides agricultural insurance in a sector categorised by high systemic risk.
Land Bank Insurance
LBIC offers crop and asset insurance products to both Land Bank clients and other farmers. LBIC is the only state owned entity (SOE) that participates in agricultural sector insurance and is the second largest agricultural insurer in South Africa.
LBLIC has been offering credit life insurance products to the Land Bank client base since its inception in 1954.
The company was established at the request of the farming community to ensure the continuation of farming activities after the death of the borrower of funds from Land Bank. The debt to the Bank could be settled and the heirs continue the farming operations. With the introduction of the National Credit Act 34 of 2005, the company has developed new credit life products that offer clients an attractive value proposition when compared to other industry players.
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