FNB Life gets insurance CEO

Naidoo is an alumnus of the Harvard Business School, the University of Natal and the Graduate School of Business at the University of Cape Town with degrees in Science and Business Administration.

"He brings a wealth of expertise in the banking and insurance industry and his appointment reflects our commitment to grow our bancassurance business - that is selling insurance through the bank," says Liné Wiid, CEO of FNB Smart Solutions, the bank's segment focusing on individuals earning less than R100 000 a year.

The performance of the business unit has been resilient during the current economic climate by continually showing good growth in profits with a compound annual growth rate of over 60% since 2006. In its 2009/2010 financial year it saw a 30% increase in in-force policies to 3.9 million driven mainly by sales of funeral policies.