Tunde Mimiko is the managing director/CEO of Sanlam Life Insurance Nigeria, a subsidiary of Sanlam Group, Africa’s largest non-banking financial institution.
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 single owner of the Nigerian registered insurers, with 100 percent equity.
Tunde Mimiko, who is a seasoned Financial Services professional with over 22 years’ experience spanning banking and insurance is sitting on hand to drive the groups vision of democratising insurance and deepening penetration in Africa’ s most populous nation, Nigeria.
Sanlam Group has over 20 million clients, with 8 billion dollar in capitalisation and about 22 billion-dollar revenue as the end of 2021.
Sanlam Group sees Nigeria as one of its most important markets being a key economy on the African continent. It has always been imperative that Sanlam has a strong presence and operation in Nigeria, the Group said.
“We have a good business in the Nigerian market, and we are going to continually invest and grow the operations. 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, according to Sanlam Group during its formal launch in Nigeria.
Sanlam Nigeria, whose future has been strongly positioned following its recent rebranding, is currently the third largest life insurance company in Nigeria in terms of gross written premium standing at N47.9 billion; profit N5.9 billion, with claims amounting to N290.3 billion was paid to clients at end of 2021.
Tunde Mimiko was actively involved in the transition of Union Assurance to Ensure Insurance Plc, having served as the acting Managing Director/CEO.
He had earlier worked as a Management Executive at WAPIC Insurance Plc, now Coronation and ARM Life Plc, now Tangerin. He also had a stint at the defunct Intercontinental Bank Plc (now Access Bank Plc) as well as First Chartered Insurance Company Limited.
He is a Fellow of the Chartered Insurance Institute of Nigeria (FCIIN) and an alumnus of the prestigious Pan Atlantic University (Lagos Business School). He also holds an MBA (Financial Management) from the Lagos State University.
Prior to joining Sanlam Life Insurance Nigeria Limited, Tunde was an Executive Director (Operations) at Sanlam General Insurance Nigeria Limited.
Tunde is expected to lead the company achieve its set goals, having performed well in its initial identity, and now with all the support and financial backing of a strong global brand with the right technical competence and pedigree.
Tunde Mimiko, 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.”
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.
