For President Bola Tinubu’s $1 trillion economy target by 2030 to materialise, robust underwriting capacity and advanced risk management expertise must be prioritised, highlighting the critical role of the insurance sector.
This was the position of Mr. Yomi Onifade, Managing Director and Chief Executive Officer of SanlamAllianz General Insurance Nigeria, who spoke recently in Lagos at the official launch of the newly formed SanlamAllianz entity.
The merger brings together the strengths of Sanlam, a prominent non-banking financial services group and Allianz, an insurance behemoth.
The union is poised to enhance operational efficiency and deepen insurance penetration across Nigeria.
Onifade described the emergence of SanlamAllianz Nigeria as both timely and strategic, especially in light of the Federal Government’s economic vision. Achieving a $1 trillion economy by 2030, he stressed, would require the unwavering support of financially sound insurers capable of managing complex risks and driving economic resilience through dependable coverage solutions.
“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 several African 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.
He assured that investors and stakeholders of Sanlam and that of Allianz that nothing has changed with respect to policies and other contractual engagements, however they should expect bumper services and returns. “We want to make a difference in Nigeria insurance market. All policies remain valid, even our employees and other persons and groups that have business with us have nothing to fear.
“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” he added.
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.
On his part, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance Nigeria, said the joint venture SanlamAllianz was a 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.”
Mimiko confirmed that at the heart of SanlamAllianz’s mission was a steadfast commitment to fostering confidence in Nigeria. He added that in an uncertain market, the 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”
“This joint venture would increase stakeholders value. We shall leaveage economic of scale, expertise and make insurance accessible. We shall target Micro, Small & Medium Enterprises to enable them flourish. We want to create, protect and preserve wealth in an enhanced way for the community we serve. All are geared towards expanding financial services to a broader audience, deepen penetration and foster financial inclusion” he assured.
Meanwhile, the Group Head, Strategy Marketing & Customer Relations, Mr. Chris Ekwonwa, expressed optimism that the alliance would strive to be among the first top three insurance companies in Nigeria before the year 2028. “We are optimistic and we are working together to achieve what we have set before us. We are rolling out innovative tools, new fit – for – purpose products and tailored solutions, we are in business for this market” he asserted.