EXCLUSIVE | Emails, shared info show decades of price fixing among insurers - competition watchdog

The Competition Commission believes several life insurance giants have been colluding to fix prices for 34 years.

The commission raided offices of Sanlam, Old Mutual, Hollard, Momentum, Discovery, PPS, BrightRock, and Bidvest Life on 25 August 2022. It alleged that these companies – and Liberty, which was not raided on the day – shared passcodes to one another's pricing systems so that they could fix prices of life insurance and investment products, including retirement annuities (RAs).

The Western Cape, KwaZulu-Natal and Gauteng high courts granted the Competition Commission permission to raid the insurers' offices after the commission submitted evidence of suspected collusion.