Photo by: Kelechi Amadi-Obi (www.kelechiamadiobi.com)
A non-banking financial services company, Sanlam Life Insurance Nigeria Limited, has expressed its commitment to unlocking hidden potential in the insurance business in 33 countries on the African continent, particularly Nigeria, to increase market penetration.
The Chief Executive Officer, Sanlam Emerging Markets, Hinie Werth, who spoke with The Guardian in an interview, revealed plans on how to reposition the African insurance market for higher acceptance.
Werth said despite the harsh operating environment during the 2022 financial year ended December 31, 2022, the group recorded growth of eight per cent in its key earnings metric, with dividend growth of eight per cent, and adjusted Return on Group Equity Value (RoGEV) of 15.1 per cent, above the business’ hurdle rate of 14.3 per cent.
He said the underwriter has renewed its commitment to offering “second to none products and services to its customers in the volatile but competitive market”.
According to him, the group also sharpened its focus on its impact on the communities where it operates, with an emphasis on financial inclusion and education. This, he said, is to ensure the organisation’s capital resources are invested for the good of the African continent and its people.
The Managing Director/Chief Executive Officer, Sanlam Life Insurance Nigeria, Tunde Mimiko, said the growth is a testament to the commitment and dedication of all stakeholders in the Sanlam Nigeria family towards achieving its goals.
“The resilience built over the years has birthed the capacity to weather the storm,” he said.
