By Bakare Ouguleye
In a move aimed at deepening market competition and restoring investor confidence in Nigeria’s insurance industry, the National Insurance Commission (NAICOM) has granted operational licences to SanlamAllianz Life Insurance Limited and SanlamAllianz General Insurance Limited.
The development, which marks a significant regulatory milestone, is expected to reinforce consumer trust, expand insurance penetration, and attract fresh capital into the sector, which currently contributes less than 1% to Nigeria’s GDP.
NAICOM, in a statement released this week, confirmed the approval of the new composite operators under its statutory mandate to supervise and license insurance institutions in line with the provisions of the Insurance Act 2003.
“The issuance of these licences signals our commitment to strengthening the insurance ecosystem through transparent regulatory oversight and support for credible investors,” the Commission stated.
The newly licensed firms products of a strategic merger between Sanlam Nigeria and Allianz Nigeria — are expected to leverage their combined expertise, technology, and continental footprints to deliver innovative retail and corporate insurance solutions across Nigeria.
Industry analysts believe the re-entry and rebranding of SanlamAllianz will stimulate healthy competition, especially in life, motor, health, and microinsurance segments, which remain underpenetrated.
According to figures from the Nigerian Insurers Association (NIA), gross premium income in the industry stood at over ₦917 billion in 2024, with life insurance accounting for about 43% of total earnings. The entrance of well-capitalized players like SanlamAllianz could push these numbers higher in 2025.
Market stakeholders have welcomed the licences, describing them as a “vote of confidence” in the regulatory environment and a sign of renewed investor appetite in Africa’s most populous insurance market.
With this licensing milestone, NAICOM continues to drive its mandate of improving financial inclusion, policyholder protection, and innovation in the insurance landscape.
