The National Insurance Commission has issued new licences to SanlamAllianz Life and General Insurance, the new entities emerging from the mergers of Sanlam and Allianz.
In a statement on Wednesday, the Commission noted that the handing over of the licences was held in a brief ceremony in Abuja.
SanlamAllianz officially unveiled its new joint venture in Nigeria in June, making the JV the largest pan-African non-banking financial services entity operating across 27 countries on the African continent.
At the handover, the Commissioner for Insurance, Mr Olusegun Omosehin, emphasised the “Commission’s commitment to supporting the growth of insurance entities in the country while ensuring strict compliance with regulatory requirements. He urged the companies to prioritise good corporate governance, stability, and timely claims settlement processes.”
Omosehin also reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance, expressing confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.
Highlighting the strengths of the partners in the JV, the MD/CEO of SanlamAllianz General Insurance, Yomi Onifade, said, Allianz is one of the largest asset managers in the world, with assets under management estimated at $1.92 tn as of the end of last year, and has remained the number one insurance brand for five years running.
On the other side, the Sanlam Group, which has been in existence for over 107 years, is the largest insurer in Africa, present in 27 countries, and supports more than 20 million customers.
On the decision for both partners to collaborate, Onifade said, “The two groups realise that they have similar values, and the stakeholders, staff, customers, and shareholders all stand to gain from a synergy of action. When the JV was finalised in September 2023, a truly Pan-African champion was born with more than two centuries of combined experience.
“A new champion of insurance and non-banking financial services with ambitions for every player in Africa, whether individuals, public or private employees, large companies, SMEs, major projects or large risks, but also workers in the informal sector. This champion offers life and general insurance services on the continent and also provides asset management, health coverage and third-party payment, not to mention reinsurance through our sister company.”
