The National Insurance Commission (NAICOM) has handed over new licences to SanlamAllianz Life and General Insurance Nigeria Ltd.
In a brief ceremony held in Abuja on Wednesday, the Commissioner for Insurance, Mr Olusegun Ayo 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.
The commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance.
He was confident that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.
A Joint Venture
The two separate entities, Sanlam Allianz Life Insurance Nigeria Ltd. and Sanlam Allianz General Insurance Nigeria Ltd., were formed as a result of the merger of Sanlam and Allianz’s Nigerian subsidiaries, with the life and general insurance businesses being separated into distinct companies.
The MD/CEO of SanlamAllianz General Insurance, Mr Yomi Onifade, described Allianz as one of the largest asset managers in the world, with assets under management estimated at $1.92 trillion as of the end of 2024. According to him, it has remained the number one insurance brand for five years running.
SanlamAllianz covers 27 African countries across various lines of business, with positions strengthened in 12 overlapping countries.
About NAICOM
Established in 1997 by the National Insurance Commission Act 1997, the National Insurance Commission (NAICOM), a Nigerian government agency, is responsible for ensuring the effective administration, supervision, regulation, control of insurance business in Nigeria, and protection of insurance consumers, policyholders, stakeholders, beneficiaries, and third parties to insurance contracts.