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ZB Life Assurance Limited, previously known as Intermarket Life Assuarance Limited, commenced operations in 1964 as a subsidiary of The African Life Assurance Society. The Company went through several reorganisations that resulted, in the Company being 100% owned by Southern Life Association of South Africa in 1985. In line with the local majority shareholding provision of the Insurance Act, Southern Life reduced its stake in the company to 49% in 1994. On 1 May 1998, the remaining stake was sold to Intermarket Holdings Limited in support of the Government's economic empowerment drive. As a result, Intermarket Holdings Limited became the major shareholder in the Company with a shareholding of 57%. In April 2002, the Company changed its name to Intermarket Life Assurance Limited. The successful conclusion in 2005 of the Scheme of arrangement that was put in as a solution to the challenges faced by Intermarket in 2004 paved the way for ZB Financial Holdings Limited to purchase Intermar

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