In a significant move poised to reshape Nigeria's financial services landscape, Sanlam, Africa's largest non-banking financial services provider, and Allianz, a globally recognized insurer, have successfully merged their operations in Nigeria. This strategic integration, operating under the new brand SanlamAllianz Nigeria, represents a pivotal step in their broader Pan-African expansion.
The official announcement took place on Thursday, June 5, 2025, at a high-profile launch event held at the Oriental Hotel, Victoria Island, Lagos. The gathering saw a notable attendance of executives, regulators, partners, and media representatives, all present to witness the unveiling of the unified brand.
A Unified Vision for African Financial Services
The merger in Nigeria is an integral part of Sanlam and Allianz's ambitious initiative to establish Africa's foremost non-banking financial services group across various markets. By combining Sanlam's extensive continental presence and proven track record with Allianz's global reputation and technical prowess, SanlamAllianz Nigeria is set to deliver enhanced customer experiences, innovative insurance solutions, and contribute significantly to improved financial inclusion within the nation. This strategic alliance aims to leverage collective strengths to better serve local markets and streamline product delivery across the region.
Empowering Nigerians Through Comprehensive Insurance Solutions
At the press briefing during the launch, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance Nigeria, highlighted the transformative nature of this collaboration. "Today marks a transformative chapter for Sanlam and Allianz but, even more importantly, the Nigerian insurance industry," Mimiko stated. "Our joint venture, SanlamAllianz, is the fusion of complementary strengths, global expertise, rich underwriting heritage, and local insights designed to expand access to world-class insurance solutions for millions of Nigerians."
He further emphasized the company's commitment to empowering individuals and businesses. "At a time when Africa's economic evolution demands more than traditional products, SanlamAllianz is committed to empowering individuals and businesses to build resilience, plan confidently, and drive inclusive growth. By embedding innovation and collaboration at our core, we aim to navigate the complexities of Nigeria's market with integrity and excellence, setting a new benchmark for the insurance industry and securing the future of our people and businesses."
A core tenet of SanlamAllianz's mission is to foster confidence within the Nigerian market. In an environment often characterized by uncertainty, this partnership aspires to be a beacon of stability and reliability for both individuals and businesses. By offering transparent, customer-centric solutions and adhering to the highest standards of governance and ethics, SanlamAllianz aims to build enduring trust, enabling individuals and enterprises to approach the future with greater assurance.
Yomi Onifade, MD/CEO, SanlamAllianz General Insurance Nigeria, underscored the merger's broader implications for Nigeria's economic aspirations. "The emergence of SanlamAllianz Nigeria is timely and significant, especially as Nigeria has boldly announced its ambitions to achieve a $1 trillion economy," Onifade noted. "Such an ambitious goal requires the backing of a financially solid underwriter and exceptional risk management expertise."
He also stressed the importance of trust and service excellence. "We understand that building confidence in the market involves more than just offering insurance products; it requires strict adherence to governance, transparency, responsiveness, and excellence in service delivery. At SanlamAllianz, we recognise the unique challenges that businesses and industries face and are well-positioned to provide tailored solutions that inspire trust and deliver real value."
A Pan-African Integration Journey
The merger in Nigeria follows similar successful integrations of Sanlam and Allianz businesses in several other African nations, including key markets such as Kenya, Morocco, Ghana, Uganda, and Côte d'Ivoire. This extensive integration combines decades of experience across insurance and asset management, streamlining operations to better serve local markets while enhancing product delivery and regional expansion.
Given Nigeria's currently low insurance penetration rate among its vast population, SanlamAllianz is strategically positioned to significantly impact the Nigerian insurance landscape. The company aims to foster financial inclusion, expand accessible coverage, and ultimately build lasting trust in insurance as a vital tool for long-term financial security through innovation.
SanlamAllianz, a leading Pan-African financial services entity, was established in September 2023 through a joint venture between Sanlam, Africa's largest non-banking financial services provider, and Allianz, one of the world's foremost Insurers and Asset Managers. Operating across 27 African countries, SanlamAllianz brings together over two centuries of collective experience, offering a comprehensive suite of services that includes life and general insurance, asset management, assistance, third-party administration, and retail credit.