The Managing Director/Chief Executive Officer of SanlamAllianz General Insurance Nigeria, Yomi Onifade, has said that the formalisation of the merger between Sanlam and Allianz was timely as the country eyes a $1 tn economy by the end of the decade.
Onifade disclosed this at the official unveiling of the merger, now branded as SanlamAllianz Nigeria in Lagos recently.
Sanlam, Africa’s biggest non-banking financial services powerhouse, and Allianz, one of the world’s most recognised global insurers, have announced a significant milestone in their Pan-African expansion strategy with the successful merger of their operations in Nigeria. They have already merged their businesses in several African countries, including Kenya, Morocco, Ghana, Uganda and Côte d’Ivoire.
Onifade said, “The emergence of SanlamAllianz Nigeria is timely and significant, especially as Nigeria has boldly announced its ambitions to achieve a $1 tn economy. Such an ambitious goal requires the backing of a financially solid underwriter and exceptional risk management expertise.
“We understand that building confidence in the market involves more than just offering insurance products; it requires strict adherence to governance, transparency, responsiveness, and excellence in service delivery.
At SanlamAllianz, we recognise the unique challenges that businesses and industries face and are well-positioned to provide tailored solutions that inspire trust and deliver real value.”
Also speaking, the MD/CEO of SanlamAllianz Life Insurance Nigeria, Tunde Mimiko, said, “Today marks a transformative chapter for Sanlam and Allianz but, even more importantly, the Nigerian insurance industry. Our joint venture, SanlamAllianz, is the fusion of complementary strengths, global expertise, rich underwriting heritage, and local insights designed to expand access to world-class insurance solutions for millions of Nigerians.
“At a time when Africa’s economic evolution demands more than traditional products, SanlamAllianz is committed to empowering individuals and businesses to build resilience, plan confidently, and drive inclusive growth. By embedding innovation and collaboration at our core, we aim to navigate the complexities of Nigeria’s market with integrity and excellence, setting a new benchmark for the insurance industry and securing the future of our people and businesses.”
The SanlamAllianz Nigeria is part of a broader initiative by both parent companies to create Africa’s leading non-banking financial services group in different markets. By leveraging Sanlam’s extensive continental footprint and achievements and Allianz’s global reputation and technical expertise, this new entity aims to offer enhanced customer experiences, innovative insurance solutions, and improved financial inclusion in Nigeria.
At the event, the management of the company also reassured their policyholders that their policies remained valid regardless of which of the partners had signed the policy.
SanlamAllianz, a Pan-African financial services entity, was established in September 2023 through a joint venture between Sanlam and Allianz.
