Sanlam and Allianz Merge Operations to Boost Nigerian Insurance Sector
Sanlam, Africa’s leading non-banking financial services group, and Allianz, one of the world’s most renowned global insurers, have announced a major milestone in their Pan-African expansion with the official merger of their Nigerian operations. The newly branded entity, SanlamAllianz Nigeria, was launched on Thursday, June 5, 2025, during a high-profile event at the Oriental Hotel in Victoria Island, Lagos. The gathering included executives, regulators, partners, and media representatives, all witnessing the unveiling of the new brand.
This merger is part of a broader strategy by both parent companies to establish Africa’s foremost non-banking financial services group across various markets. By combining Sanlam’s extensive presence across the continent with Allianz’s global reputation and technical expertise, SanlamAllianz Nigeria aims to deliver superior customer experiences, innovative insurance products, and to promote greater financial inclusion in Nigeria’s rapidly evolving economy.
During a press briefing at the event, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance Nigeria, emphasized the significance of the partnership:
“Today marks a transformative chapter for both Sanlam and Allianz, and more importantly, for Nigeria’s insurance sector. Our joint venture leverages the strengths of both companies—global expertise, underwriting heritage, and deep local insights—to expand access to world-class insurance solutions for millions of Nigerians. In a time when Africa’s economic growth demands innovative and reliable financial services, SanlamAllianz is committed to empowering individuals and businesses to build resilience, plan confidently, and foster inclusive growth. Innovation and collaboration are at our core as we set new standards for the industry and work towards securing a brighter future for Nigeria.”
Yomi Onifade, MD/CEO of SanlamAllianz General Insurance Nigeria, highlighted the strategic importance of the merger for Nigeria’s economic ambitions:
“The emergence of SanlamAllianz Nigeria is timely, especially as Nigeria aims for a $1 trillion economy. Achieving such an ambitious goal requires robust risk management and strong financial backing. Our focus is on building confidence through transparency, responsible governance, and exceptional service delivery. We understand the unique challenges faced by Nigerian businesses and individuals, and we are ready to provide tailored solutions that inspire trust and create real value.”
Sanlam and Allianz have already merged their operations in several African markets, including Kenya, Morocco, Ghana, Uganda, and Côte d’Ivoire. This regional integration combines decades of expertise in insurance and asset management, streamlining product offerings and expanding regional reach.
With Nigeria’s insurance penetration still relatively low despite its large population, SanlamAllianz Nigeria is strategically positioned to revolutionize the local insurance landscape. By embracing innovation, promoting financial inclusion, and expanding accessible coverage, the company aims to foster lasting trust in insurance as a vital tool for securing Nigeria’s future.