SanlamAllianz has formally launched its operations in Nigeria, marking a big step towards enhancing entry to insurance coverage and monetary companies within the nation.
This growth stems from the profitable merger between Sanlam, a number one South African non-banking monetary companies supplier, and Allianz, a German multinational monetary companies large.
This strategic alliance is a significant milestone of their Pan-African development initiative, solidifying their presence throughout 27 African nations, together with Uganda, Egypt, Kenya, and Ghana.
Leveraging Scale to Drive Monetary Inclusion
Talking throughout a press briefing on the launch occasion in Lagos, the Managing Director and CEO of SanlamAllianz Life Insurance coverage Nigeria, Tunde Mimiko, emphasised how the merger permits the companies to leverage economies of scale, develop distribution networks, and improve product choices.
The strategic partnership additionally integrates bancassurance, enabling prospects to entry seamless monetary options.
Mimiko stated, “It’s our ambition to unleash the potential that the three way partnership presents to enhance insurance coverage and monetary companies penetration to allow extra Nigerians have monetary entry, anytime, anyplace.’’
As Africa’s most populous nation, Nigeria represents a key marketplace for SanlamAllianz, with the agency dedicated to boosting insurance coverage penetration and fostering broader monetary inclusion.
A Stronger, United Monetary Providers Supplier
Making his contribution, the Managing Director/CEO Designate of SanlamAllianz Common Insurance coverage Nigeria, Yomi Onifade, highlighted the power of the newly merged entity, noting that it now caters for over 30 million Africans.
He stated, “SanlamAllianz now serves over 30 million Africans, managing a mixed asset portfolio of almost €3 billion.’’
With over two centuries of mixed business expertise and a workforce of 10,000 workers throughout 27 nations, SanlamAllianz is positioning itself as a dominant pressure in Africa’s insurance coverage panorama.
The merger stems from the belief that each firms share comparable values, with stakeholders, together with prospects, workers, and buyers—set to learn from synergized efforts and experience.
“This can be a new champion of insurance coverage and non-banking monetary companies, with ambitions for each participant in Africa, whether or not people, public or personal workers, massive firms, SMEs, main tasks, or massive dangers. But in addition, staff within the casual sector.’’
Developments in Nigeria’s insurance coverage sector
The Nigerian insurance coverage business is experiencing vital development, with projections indicating a market measurement of $7.84 billion in 2025
- The business has been impacted by the naira devaluation, leading to increased premiums for overseas currency-denominated insurance policies, significantly within the oil and fuel sector. Insurance coverage penetration in Nigeria stays low, at lower than 1% of the GDP, however the business is actively working to extend consciousness and accessibility.
- Aside from SanlamAllianz, different international insurance coverage manufacturers corresponding to AXA Mansard, Prudential Life Insurance coverage, and others are thriving in Nigeria.
- World reinsurers like Lloyd’s of London, AIG, Everest Re, PartnerRe, Hannover Re, Sirius Worldwide, Belief Re, Sava Re, China Re, GIC Re, and Sompo Japan assist Nigerian insurers by way of partnerships and reinsurance preparations.
- Strategic investments additionally play a key position. The InsuResilience Funding Fund, managed by Swiss-based BlueOrchard Finance, holds a big stake in Royal Alternate Common Insurance coverage Firm, now Rex Assurance, supporting its development and resilience initiatives.
- Regardless of the low penetration fee of lower than 1 per cent of GDP, in opposition to a world common of seven per cent, Nigeria’s insurance coverage sector is poised for development.
Specialists predict that this high-profile merger might considerably elevate the bar inside Nigeria’s insurance coverage business, fostering stronger competitors, improved product designs, and higher client belief in formal monetary companies.
As a number of international manufacturers reassess their African market methods, Sanlam and Allianz’s dedication to Nigeria affirms their confidence within the nation’s future financial prospects.
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