SanlamAllianz, a pan-African non-banking financial services entity, has officially launched its joint venture in Nigeria, marking a significant milestone in the country’s insurance sector.
The joint venture, which was approved by the National Insurance Commission, aims to strengthen the Nigerian insurance industry and promote financial inclusion.
At the dinner launch event in Lagos, Tunde Mimiko, Managing Director/CEO of SanlamAllianz Life Insurance, emphasized the company’s commitment to transforming the Nigerian insurance landscape. “Our goal is to ensure that we create wealth, preserve wealth, and protect wealth in an enhanced way,” he said. “We want to empower individuals to be financially secure and confident, and foster the creation of value for all stakeholders.”
Mimiko highlighted the company’s focus on providing innovative solutions that will foster financial inclusion and deepen insurance penetration in Nigeria. “Our aim is to make insurance accessible to all Nigerians, everywhere, anywhere, all the time,” he said. “We will be leveraging our combined capabilities and economies of scale to achieve this goal.”
The joint venture also aims to create jobs for young individuals and invest in financial knowledge that will empower small businesses to flourish. “When small businesses flourish, it expands our contribution to economic growth and development,” Mimiko said.
Yomi Onifade, Managing Director/CEO of SanlamAllianz General Insurance, highlighted the strengths of the partners in the joint venture. Allianz, one of the largest asset managers in the world, has Assets Under Management estimated at $1.92 trillion, while Sanlam, the largest insurer in Africa, has over 107 years of experience and supports more than 20 million customers.
Onifade said that the joint venture was born out of a realization that both partners share similar values and that stakeholders, staff, customers, and shareholders would all benefit from a synergy of action. “A new champion of insurance and non-banking financial services with ambitions for every player in Africa has been born,” he said
