The National Insurance Commission (NAICOM) has officially granted operating licenses to SanlamAllianz Life and General Insurance Nigeria Ltd, marking a significant development in Nigeria’s insurance sector.
At a formal handover ceremony held in Abuja, the licenses were presented to the management teams of the newly merged entities, a move that reflects ongoing regulatory support for industry consolidation and expansion.
During the event, Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, reaffirmed NAICOM’s commitment to fostering the growth of strong and sustainable insurance institutions. He called on the new entities to uphold high standards of corporate governance, ensure financial stability, and maintain prompt claims settlement—hallmarks of a trustworthy and effective insurer.
Mr. Omosehin also highlighted NAICOM’s efforts to streamline regulatory processes and eliminate unnecessary bottlenecks in a bid to enhance industry performance. He expressed optimism that the merger of Sanlam and Allianz’s Nigerian operations would boost capacity, competitiveness, and overall confidence in the market.
The licensing comes just weeks after Sanlam, Africa’s largest non-banking financial services group, and Allianz, a globally renowned insurance powerhouse, announced the completion of their strategic merger in Nigeria—an integral step in their broader Pan-African expansion agenda.
Speaking at the ceremony, Tunde Mimiko, Managing Director of SanlamAllianz Life Insurance Nigeria, described the development as a transformational milestone not only for both companies but also for the Nigerian insurance landscape.
“Our joint venture—SanlamAllianz—brings together complementary strengths, global expertise, a rich underwriting legacy, and deep local insights,” said Mimiko.
“We are committed to expanding access to world-class insurance solutions for millions of Nigerians, especially at a time when Africa’s economic evolution requires more than traditional approaches.”
Mimiko added that the merged entity aims to empower individuals and businesses by embedding innovation, fostering collaboration, and delivering products that support resilience, confident planning, and inclusive growth.
“With integrity and excellence at the core of our mission, we are setting a new benchmark for Nigeria’s insurance industry and working to secure a stronger, more inclusive future for insurance in the country.”
The Sanlam-Allianz merger signals renewed momentum within the Nigerian insurance industry and underscores the growing importance of strategic partnerships in achieving scale, expertise, and impact in emerging markets.
