Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading global insurers, have officially merged their operations in Nigeria. This strategic alliance marks a major milestone in their Pan-African expansion drive and signals a new era for the Nigerian insurance industry.
The newly formed entity, SanlamAllianz Nigeria, was unveiled on Thursday, June 5, 2025, at a high-level event hosted at the Oriental Hotel in Victoria Island, Lagos. The launch was attended by industry regulators, top executives, media stakeholders, and key partners, underscoring the importance of the development in the region’s financial services space.
What is SanlamAllianz Nigeria?
SanlamAllianz Nigeria is the product of a strategic joint venture between Sanlam and Allianz aimed at establishing Africa’s leading non-banking financial services group. This merger combines:
- Sanlam’s deep-rooted continental footprint and achievements
- Allianz’s global reach, technical expertise, and innovation leadership
Together, the brands will deliver next-generation insurance products tailored to the Nigerian market while driving financial inclusion and resilience across the country.
A New Era of Confidence for Nigeria’s Insurance Sector
Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance Nigeria, described the merger as a “transformative chapter” not only for the two companies but for the entire Nigerian insurance industry.
“SanlamAllianz is the fusion of global experience, rich underwriting heritage, and local market knowledge. It is designed to expand access to world-class insurance solutions for millions of Nigerians,” Mimiko stated.
He added that innovation, integrity, and collaboration will define the joint venture’s approach to helping Nigerians plan confidently, build resilience, and drive inclusive growth.
Supporting Nigeria’s $1 Trillion Economic Ambition
With Nigeria positioning itself to become a $1 trillion economy, insurance coverage and robust risk management are now more critical than ever.
Yomi Onifade, MD/CEO of SanlamAllianz General Insurance Nigeria, highlighted the significance of the merger in helping businesses and individuals navigate challenges with confidence.
“To build lasting confidence in Nigeria’s economy, we need more than insurance products—we need transparency, governance, responsiveness, and excellent service delivery. SanlamAllianz delivers all of that,” Onifade said.
Expanding Across Africa: Sanlam-Allianz Integration Continues
The launch of SanlamAllianz Nigeria is part of a broader regional strategy. The two financial giants have already merged operations in several African markets, including:
This pan-African integration aims to harmonise product offerings, optimise operations, and strengthen customer experiences across the continent.
Targeting Nigeria’s Low Insurance Penetration
Nigeria currently has one of the lowest insurance penetration rates in Africa. SanlamAllianz sees this as a major growth opportunity.
Through:
- Customer-centric insurance products
- Digitally-enabled service delivery
- Financial inclusion programs
- Risk education and awareness campaigns
SanlamAllianz aims to make insurance more accessible, trustworthy, and relevant to everyday Nigerians.
Looking Ahead: SanlamAllianz’s Commitment to Nigeria
With the combined strength of two global financial institutions, SanlamAllianz is set to become a pillar of stability, innovation, and trust in Nigeria’s evolving economic landscape.
As the country embarks on ambitious national goals, SanlamAllianz is poised to support individuals and businesses in safeguarding their future—backed by global expertise and driven by local insight.
