FirstRand, owner of franchise FNB, said the banking group reported normalised earnings 12% higher in the six months to December 2020 than in the corresponding period in 2019. The group now offers a full suite of retail life and short-term insurance products under its own licences. FNB Life said it is now the third-largest insurer in its retail customer base, with over 6.8 million lives covered. This suggests significant penetration into its transactional banking base. FNB launched car and household insurance which will be another growth vector.
