Sanlam Emerging Markets Limited Acquires FBN Insurance Limited
Sanlam, Africa’s largest non-banking financial services provider, announced the renaming of FBN Insurance to Sanlam Life Insurance Nigeria Limited on Wednesday.
The move, according to the insurance company, promotes Sanlam’s aim of providing exceptional goods and services to clients through direct touch with the Sanlam brand. Sanlam’s attempts to strengthen its footprint across Africa, as well as its continued investment in the continent, are aided by the rebranding.
In 2020, Sanlam Emerging Markets (Proprietary) Limited bought FBN Insurance Limited and its subsidiary, FBN General Insurance. The life and general insurance businesses, Sanlam Life Insurance Nigeria Limited and Sanlam General Insurance Nigeria Limited, will be rebranded.
Sanlam Pan Africa (SPA) Life Insurance Cluster CEO Robert Dommisse emphasized the importance of the West African market to Sanlam. Sanlam Emerging Markets (SPA) is the division that includes Sanlam Group’s operations in Africa and other emerging markets such as India and Malaysia.
“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 continue 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, Mr. 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,” Mr. Dommisse added.
Managing Director and Chief Executive Officer, Sanlam Life Insurance Nigeria Limited Mr 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.”
Mr Bode Opadokun, Managing Director and Chief Executive Officer, 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.”
About Sanlam Life Insurance Nigeria Limited
Sanlam Life Insurance Nigeria Limited is a Limited Liability Company licensed to transact Life Insurance business in Nigeria, providing cover for Individual and corporate clients with strong presence in almost every state in the country. Sanlam Life Insurance is owned by the Sanlam Group, a leading diversified, pan-African financial services group. Leveraging the strength of the Sanlam Group brand, Sanlam Life Insurance is strategically positioned to transform the insurance industry in Nigeria.
The company has won several awards including, Best Life Insurance Company in Nigeria by World Finance 2014, 2016, 2017, 2019 & 2020; Best Insurance Company in Africa by the African Insurance Awards, 2018; Fastest Growing Insurance Company by the National Association of Insurance and Pension Correspondents, 2018; Augusto & Co. A+ rating in 2016 & 2018 and Certified as a Great Place to Work, Medium-Sized Organization 2019.
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