BY NKECHI NAECHE-ESEZOBOR—South African diversified financial services provider Sanlam and German Multinational financial services provider Allianz have
have announced a significant milestone in their Pan-African expansion strategy with the successful merger of their operations in Nigeria.
This follows the regulatory approvals the Sanlam and Allianz businesses in Nigeria obtained to merge and rebrand.
The merger, now branded as SanlamAllianz Nigeria, was officially announced on Thursday, last week during a high-profile launch event at the Oriental Hotel, Victoria Island Lagos.
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.
Speaking at a press briefing on the event day, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance Nigeria, 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.”
“At the heart of SanlamAllianz’s mission is a steadfast commitment to fostering Confidence in Nigeria.In an often-uncertain market, this partnership aims to be a beacon of stability and reliability for Nigerians and businesses. By delivering transparent, customer-centric solutions and upholding the highest standards of governance and ethics, SanlamAllianz seeks to build enduring trust, empowering individuals and enterprises to face the future with confidence.”
Commenting on the merger’s significance for Nigerian economic development, Yomi Onifade, MD/CEO, SanlamAllianz General Insurance Nigeria, stated, “The emergence of SanlamAllianzNigeria is timely and significant, especially as Nigeria has boldly announced its ambitions to achieve a $1 trillion 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.”
Sanlam and Allianz have already merged their businesses in severalAfrican countries, including key markets like Kenya, Morocco, Ghana, Uganda, Côte d’Ivoire, and now, Nigeria. This integration combines decades of experience across insurance and asset management, aligning operations to serve local markets better while streamlining product delivery and regional expansion.
With Nigeria’s low insurance penetration among its vast population, SanlamAllianz is strategically positioning itself at the right moment to transform the Nigerian insurance landscape. By embracing innovation, fostering financial inclusion, and expanding accessible coverage, the company aims to build lasting trust in insurance as a vital tool for long-term financial security.
About SanlamAllianz
SanlamAllianz is a leading Pan-African financial services entity, established in September 2023 through a joint venture between Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s foremost Insurers and Asset Managers. Operating across 27 African countries, SanlamAllianzcombines over two centuries of collective experience to offer a comprehensive suite of services, including life and general insurance, asset management, assistance, third-party administration, and retail credit.
