Sanlam merges with Allianz for enhanced operational efficiency

Sanlam and Allianz have made a significant milestone in their Pan-African expansion strategy with the successful merger of their operations in Nigeria.

Sanlam, Africa’s biggest non-banking financial services powerhouse, and Allianz, one of the world’s most recognised global insurer,

officially announced the merger, now known as SanlamAllianz Nigeria, during a high-profile launch of the event in Lagos, as executives, regulators, partners, and the media gathered to witness the unveiling of the new brand.

The firm said SanlamAllianz Nigeria is part of a broader initiative by both parent companies to create Africa’s leading non-banking financial services group in different markets.

It added that by leveraging Sanlam’s extensive continental footprint and achievements and Allianz’s global reputation and technical expertise, this new entity aims to offer enhanced customer experiences, innovative insurance solutions, and improved financial inclusion in Nigeria.

Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance Nigeria, who spoke at a press briefing on the event, said, “Today marks a transformative chapter for Sanlam and Allianz but, even more importantly, the Nigerian insurance industry. 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.

“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.”

He noted that at the heart of SanlamAllianz’s mission is a steadfast commitment to fostering Confidence in Nigeria; in an often-uncertain market, this partnership aims to be a beacon of stability and reliability for Nigerians and businesses.

According to him, by delivering transparent, customer-centric solutions and upholding the highest standards of governance and ethics, SanlamAllianz seeks to build enduring trust, empowering individuals and enterprises to face the future with confidence.

Yomi Onifade, MD/CEO, SanlamAllianz General Insurance Nigeria, while commenting on the merger’s significance for Nigerian economic development said, “The emergence of SanlamAllianz Nigeria is timely and significant, especially as Nigeria has boldly announced its ambitions to achieve a $1 trillion economy. Such an ambitious goal requires the backing of a financially solid underwriter and exceptional risk management expertise.

“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.”

He pointed out that Sanlam and Allianz have already merged their businesses in several African countries, including key markets like Kenya, Morocco, Ghana, Uganda, Côte d’Ivoire, and now, Nigeria.

This integration, he noted, combines decades of experience across insurance and asset management, aligning operations to serve local markets better while streamlining product delivery and regional expansion.

He stated that with Nigeria’s low insurance penetration among its vast population, SanlamAllianz is strategically positioning itself at the right moment to transform the Nigerian insurance landscape, and by embracing innovation, fostering financial inclusion, and expanding accessible coverage, the company aims to build lasting trust in insurance as a vital tool for long-term financial security.

SanlamAllianz is a leading Pan-African financial services entity, 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 combines over two centuries of collective experience to offer a comprehensive suite of services, including life and general insurance, asset management, assistance, third-party administration, and retail credit.

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