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YuLife Expands to South Africa

South Africa 18 April 2023 – YuLife, the tech-driven financial services provider on a mission to inspire life, today announced its launch in South Africa. Founded in London in 2016, YuLife achieved rapid traction in the UK insurance market through its flagship product, group life insurance. The company’s expansion into South Africa marks a significant milestone as it seeks to redefine how people around the world derive value from financial products.
YuLife’s Group Risk Protection (Life, Income Protection, Lump Sum Disability, and Funeral
Cover) includes everything in a traditional group insurance policy – but also adds a globally
award-winning wellbeing app and trusted support services. YuLife harnesses the latest
trends in behavioral science and game mechanics to encourage employees to make
proactive lifestyle changes, while also prioritising prevention by de-risking individuals through healthy activities.

Gamification ensures that YuLife attracts unrivaled levels of engagement which is valued
and enjoyed by all employees. The YuLife app enables employees to complete everyday
wellness activities, such as walking, meditation, and cycling, in order to earn YuCoin,
YuLife’s virtual well-being currency. Members can then use their YuCoin to buy vouchers for
groceries, data, fuel, clothing and more from leading brands, or to improve the world through donating meals, planting trees, or cleaning the ocean. By incentivising healthy living, YuLife provides employers with a way to simultaneously boost retention rates, improve employees’ standard of living, and safeguard their loved ones’ financial future.
In addition to day-to-day wellbeing, YuLife provides critical wellbeing tools and services to
further prevent illness, both mentally and physically. All employees with YuLife get access to a virtual GP service through Kena Health, counseling and advice through ICAS, alongside
access to multiple wellbeing apps like Meditopia and Fiit.

“South Africa has the second highest insurance penetration globally, making it a perfect
market for YuLife to expand into and showcase its innovative approach to insurance,” said
Jaco Oosthuizen, YuLife Co-founder and Managing Director of YuLife South Africa. “There
has been a big shift toward health and wellbeing in the workplace, with more and more
companies adding new initiatives and resources to their employee benefits packages. YuLife
is launching in South Africa to offer companies an easy way to provide extra protection –
we’re looking forward to providing South African businesses and employees tangible value
on an everyday basis in an accessible, engaging, and deliverable manner.”
YuLife South Africa’s policies are underwritten by Guardrisk Life,SA’s largest life cell captive
insurer and the market leader in tailored risk solutions. “We are excited to be working
together with YuLife to bring cost-effective insurance solutions to customers in South Africa,”said Herman Schoeman, CEO, Guardrisk Life. “As a company rooted in innovation,
partnering with such a forward-thinking company like YuLife that shares our commitment to
meeting customers’ needs makes good business sense. We look forward to developing our
relationship with YuLife and providing our solutions to its customers while also empowering them to have a more thorough and holistic relationship with their life insurance and
protection provider.”

YuLife has achieved rapid traction in an industry traditionally lacking in innovation. The
company recently expanded into the US, and now covers >600k group policyholders across
small to large businesses, with over $50bn of coverage in place. YuLife has seen more than
5x growth in premiums year-on-year, and in July 2022 raised a $120M Series C led by
Dai-ichi Life with participation from T. Rowe Price, bringing the company’s total funding to

About YuLife

YuLife is a tech-driven financial services provider on a mission to inspire life and turn
financial products into a force for good. By harnessing the power of technology and the latest behavioural science, YuLife’s insurance model focuses on risk prevention, not just claims compensation. The company is transforming the employee benefits market by rewarding employees for healthy living, supporting mental, physical and financial wellbeing and helping foster healthier, happier and more motivated teams. Founded in 2016, YuLife is
headquartered in London and backed by global insurers and venture capital.

About Guardrisk
Guardrisk is South Africa’s largest cell captive insurer. We pioneered the cell captive
concept in 1993 and provide tailor-made risk financing and insurance solutions for
corporates, small enterprises and municipalities. The option of a third-party
insurance offering lets clients sell insurance cover to their customers, boosting their
business’ earning potential and building their brand. Essentially, a cell captive facility
gives clients all the benefits of owning their own insurance company without the
inherent cost and administrative implications. Cell captives provide underwriting,
reinsurance, claims management, investment, actuarial and accounting functions for
clients (cell owners), which keeps costs down and gives clients access to a broad
base of insurance skills. Guardrisk is a subsidiary of Momentum Metropolitan
Holdings Limited, one of SA’s largest insurance-based financial services groups. The
company is listed on the Johannesburg Stock Exchange in South Africa and on the
Namibian Stock Exchange in Namibia.