SanlamAllianz has officially launched its operations in Nigeria, marking a significant step toward improving access to insurance and financial services in the country.
This expansion stems from the successful merger between Sanlam, a leading South African non-banking financial services provider, and Allianz, a German multinational financial services giant.
This strategic alliance is a major milestone in their Pan-African growth initiative, solidifying their presence across 27 African countries, including Uganda, Egypt, Kenya, and Ghana.
Leveraging Scale to Drive Financial Inclusion
Speaking during a press briefing at the launch event in Lagos, the Managing Director and CEO of SanlamAllianz Life Insurance Nigeria, Tunde Mimiko, emphasized how the merger enables the firms to leverage economies of scale, expand distribution networks, and enhance product offerings.
The strategic partnership also integrates bancassurance, enabling customers to access seamless financial solutions.
Mimiko said, “It is our ambition to unleash the potential that the joint venture presents to improve insurance and financial services penetration to enable more Nigerians have financial access, anytime, anywhere.’’
As Africa’s most populous country, Nigeria represents a key market for SanlamAllianz, with the firm committed to boosting insurance penetration and fostering broader financial inclusion.
A Stronger, United Financial Services Provider
Making his contribution, the Managing Director/CEO Designate of SanlamAllianz General Insurance Nigeria, Yomi Onifade, highlighted the strength of the newly merged entity, noting that it now caters for over 30 million Africans.
He said, “SanlamAllianz now serves over 30 million Africans, managing a combined asset portfolio of nearly €3 billion.’’
With over two centuries of combined industry experience and a workforce of 10,000 employees across 27 countries, SanlamAllianz is positioning itself as a dominant force in Africa’s insurance landscape.
The merger stems from the realization that both companies share similar values, with stakeholders, including customers, employees, and investors—set to benefit from synergized efforts and expertise.
“This is 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.’’
Developments in Nigeria’s insurance sector
The Nigerian insurance industry is experiencing significant growth, with projections indicating a market size of $7.84 billion in 2025
- The industry has been impacted by the naira devaluation, resulting in higher premiums for foreign currency-denominated policies, particularly in the oil and gas sector. Insurance penetration in Nigeria remains low, at less than 1% of the GDP, but the industry is actively working to increase awareness and accessibility.
- Apart from SanlamAllianz, other global insurance brands such as AXA Mansard, Prudential Life Insurance, and others are thriving in Nigeria.
- Global reinsurers like Lloyd’s of London, AIG, Everest Re, PartnerRe, Hannover Re, Sirius International, Trust Re, Sava Re, China Re, GIC Re, and Sompo Japan support Nigerian insurers through partnerships and reinsurance arrangements.
- Strategic investments also play a key role. The InsuResilience Investment Fund, managed by Swiss-based BlueOrchard Finance, holds a significant stake in Royal Exchange General Insurance Company, now Rex Assurance, supporting its growth and resilience initiatives.
- Despite the low penetration rate of less than 1 per cent of GDP, against a global average of 7 per cent, Nigeria’s insurance sector is poised for growth.
Experts predict that this high-profile merger could significantly raise the bar within Nigeria’s insurance industry, fostering stronger competition, improved product designs, and greater consumer trust in formal financial services.
As several global brands reassess their African market strategies, Sanlam and Allianz’s commitment to Nigeria affirms their confidence in the country’s future economic prospects.
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