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FBN Holdings to sell insurance stake to South African Sanlam

FBNHoldings is in talks with its Salam partners that may lead to sale of its insurance arm, FBNInsurance to the South Africa financial services giant, Business Day learnt this afternoon.  

FBNInsurance is an FBNHoldings company in association with the Sanlam Group of South Africa, which holds about 30 percent equity stake in the Nigerian insurer.

FBNInsurance was incorporated in 2010 to transact life insurance business in Nigeria and currently operates out of three branches and over 40 sales outlets nationwide.

A senior industry source told Business day that both companies were already in talks to finalise this arrangement, which may not be unconnected with the ongoing recapitalization in the insurance industry.

“I can confirm to you that a discussion is going on currently, but its yet to be concluded.

A call to the Company’s management in Lagos was not successful as the managing director of FBNInsurance did not pick his call.

Sanlam and FBN Holdings, owners of FBN Life Assurance Limited (FBN Life), had in 2014 acquired a 71.2 percent equity interest in the Nigerian Stock Exchange-listed general insurance company, Oasis Insurance Plc.

FBNInsurance has over its few years of operation emerged the fastest growing life insurance company in Nigeria, in terms of volume and profitability.

FBNInsurance has been recognized for its outstanding and consistent performance over the years. Some of these recognitions include: Best Insurance Company in Africa by African Re (2018); Best Life Insurer in Nigeria by World Finance (2014, 2016 and 2017), Cup of Nations Award by Sanlam Emerging Markets (2014 and 2016) and A+ rating by Agusto & Co (2106 and 2018). These, among other recognitions, attest to the fact that FBNInsurance has indeed become one of the leading and exemplary insurance companies in Nigeria.

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