Standard Alliance Insurance Plc, foremost insurance underwriting company in Nigeria, has been cleared to operate as a composite insurance company by industry regulator, the National Insurance Commission (NAICOM). With this composite status, Standard Alliance Insurance Plc can now underwrite both life and non-life insurance risks.
“The composite insurance license means so much to us at Standard Alliance because NAICOM has confirmed our eligibility to transact both life and non-life businesses,” said Bode Akinboye, group managing director, Standard Alliance. “Therefore, with the combined professional and result-oriented workforce, SA, as a composite company, is sure of achieving its set merger goals.”
The approval is coming three months after the company merged its operations with those of its sister company, Standard Life Assurance. The merger was consummated to help the group reduce cost of operations through shared services in technology and human capital, and ultimately deliver improved returns to shareholders
“The merger between Standard Alliance and its life subsidiary remains indicative of stronger performance and value for shareholders and other stakeholders,” Akinboye said.
In addition, Akinboye said that the other benefits of the licence include that Standard Alliance would become the preferred choice investment stock as reduced cost of operations will ultimately translate to superior returns on investment for shareholders.
Standard Alliance Insurance Plc seeks to be the leading provider of insurance, risk management and investment services across the West African sub-region with Nigeria as its foothold.
Modestus Anaesoronye
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
