• Saturday, December 02, 2023
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Sanlam, Africa’s largest non-banking financial firm launches in Nigeria

Sanlam, Africa’s largest non-banking financial firm launches in Nigeria

Sanlam, Africa’s largest non-banking financial services company, has announced the launch of its brand in the Nigerian market, rebranding FBN Insurance to Sanlam Life Insurance Nigeria Limited.

The move supports Sanlam’s strategy to deliver excellent products and services to clients through direct contact with the Sanlam brand. The rebrand further supports Sanlam’s efforts to enhance its presence across Africa as well as its ongoing investment in the continent.

Sanlam, formerly a member of FBNInsurnce Company Limited with 35 percent equity stake, had in April 2020 acquired the remaining 65 percent equity held by FBN Holdings to become the 100 percent owner of the Nigerian registered insurer.

“The boards of directors of FBN Holdings and Sanlam Emerging Markets (Proprietary) announce then the completion of the sale and transfer of FBN Holdings’ 65 percent shareholding in FBN Insurance Limited to Sanlam.

The rebranding will apply to the life and general insurance businesses, Sanlam Life Insurance Nigeria Limited and Sanlam General Insurance Nigeria Limited, respectively.

Robert Dommisse, Sanlam Pan Africa (SPA) Life Insurance Cluster CEO speaking at the rebranding media launch in Lagos highlighted Sanlam’s commitment to Nigeria and the importance of the West Africa market to Sanlam. “SPA is the division in Sanlam Emerging Markets, which encompasses Sanlam Group’s businesses in Africa and other emerging markets such as India and Malaysia.”

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“Nigeria has always been one of the most important markets for the Sanlam Group because the country is such a key economy on the African continent. It has always been imperative that Sanlam has a strong presence and operation in Nigeria.”

“We have a good business in the Nigerian market, and we are going to continually invest and grow the operation. It is important for us that we do so under the Sanlam brand so that the existing and potential customers know that they will be getting the full support of the promises we make in the market,” Dommisse said.

“We’re very excited about the introduction of the Sanlam brand in Nigeria and we believe it’s a great moment in time for us to step forward to show our brand across an array of touch points and have our diverse stakeholders interact positively with the brand in the Nigeria market,” Dommisse added.

Tunde Mimiko, managing director/ CEO, Sanlam Life Insurance Nigeria Limited said, “We look forward to the next exciting chapter of the business under the banner of the Sanlam brand which is committed to continuously promoting consumer access and inclusion in financial services across the African continent. The introduction of the Sanlam brand is a milestone development for Nigeria. Through our innovative brand offering, we look forward to delivering services that empower generations of Nigerians to be financially secure, confident, and prosperous.”

Bode Opadokun, managing director/CEO, Sanlam General Insurance Nigeria Limited said, “We have continually evolved our business and our products to add value to many lives. As we step into another exciting phase of our journey, we look forward to delivering services through the compelling brand of Africa’s leading non-banking financial services organization, Sanlam, both in the Nigerian market and West African region.”

Established in 1918 as a life insurance company, Sanlam has evolved into the largest non-banking financial services group in Africa through its diversification strategy.

Headquartered in South Africa, Sanlam has a direct stake in financial services entities in Namibia, Botswana, Swaziland, Zimbabwe, Mozambique, Mauritius, Malawi, Zambia, Tanzania, Rwanda, Uganda, Kenya, and Nigeria.

The Group has a footprint of insurance operations in Morocco, Angola, Algeria, Tunisia, Ghana, Niger, Mali, Senegal, Guinea, Burkina Faso, Cote D’Ivoire, Togo, Benin, Cameroon, Gabon, Republic of the Congo, Madagascar, Burundi, and Lesotho.