By Bakare Ogunleye
In a thriving economic climate, the strategy merger between Sanlam and Allianz is emerging as a transformative force within Africa’s insurance and financial service.
The partnership is already delivering measurable economic gain, expanding access to insurance, and fueling inclusive growth across key markets on the continent.
Since its completion in 2023, the SanlamAllianz joint venture formed by South Africa’s Sanlam and Germany’s Allianz has consolidated operations in 29 African countries, including Nigeria, creating one of the largest non-banking financial services groups on the continent.
The unified brand is now demonstrating tangible results, notably increasing insurance penetration, improving access to financial services, and fostering job creation.
Addressing the media at the launch, the Managing Director/Chief Executive Officer, SanlamAllianz Life Insurance Nigeria, Tunde Mimiko, said the strategic intent behind the merger is to mark a transformative chapter for Sanlam and Allianz, but even more importantly, the Nigerian insurance industry.
He said, SanlamAllianz is the fusion of complementary strength, global expertise, rich underwriting heritage, and local insights designed to expand access to world class insurance solutions for millions of Nigerians.
Mimiko undercored the company’s commitment to empowering Nigerian individuals and businesses alike to build financial resilience in an era demanding more than just traditional insurance products.
Also speaking, the Managing Director/Chief Executive Officer, Yomi Onifad, SanlamAllianz General Insurance Nigeria, positioned the merger as a key enable of Nigeria’s broader economic ambitions.
“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,” he noted.
Onifade added that the company is not only delivering insurance products but also committing to transparency, ethical governance, and excellent service delivery to help unlock confidence in Nigeria’s business ecosystem.
The newly formed entity, SanlamAllianz Nigeria, reflects a strategic alignment of strengths: Sanlam’s deep African footprint and heritage combined with Allianz’s global expertise and technical know-how.
Together, they aim to provide innovative, accessible, and customer-centric insurance solutions across Nigerian, a market ripe for for growth but historically underpenetrated.
The Nigerian merger is part of a larger continental strategy by Sanlam and Allianz, who have already integrated operations in other major African markets including Kenya, Moroco, Ghana, Uganda, and Cote d’Ivoire.
The ultimate goal: to create Africa’s leading non-banking financial services group operating across 27 countries.
With Nigeria’s insurance penetration still among the lowest globally, the SanlamAllianz join venture arrive at a critical inflection point. The company is aiming to use its scale, technology, and customer insights to enhance financial inclusion and insurance uptake across the country.
sanlamAllianz represents over 200 years of cumbineed global and continental experience. The joint venture spans life and general insurance, asset management, retail credit, third-party administration , and assistance services.
