FBN Insurance rebrands to Sanlam Life Insurance Nigeria Limited and this was announced in a recent event in Lagos.
Sanlam, one of Africa’s largest non-banking financial services companies has announced it’s entry into the Nigerian market. According company, “Sanlam is pleased to announce that it has acquired the remaining stake in the Nigerian insurance business, FBN Insurance from its partner, FBN Holdings Plc (FBNH). This gives the Group 100% ownership of FBN Insurance Limited (FBNI) and its subsidiary, FBN General Insurance Limited”.
FBN Insurance was started as a JV between Sanlam and FBN Holdings as a life insurer in 2011. And after a successful growth trajectory, the company expanded into general insurance by establishing FBN General Insurance in 2015.
Reactions on the Acquisition
Also commenting on the business acquisition, Sanlam Emerging Markets Chief Executive Officer, Mr Heinie Werth observed that “This transaction is in line with our business strategy to deepen our presence in our existing markets and highlights and enhances our long-standing commitment to the Nigerian market. Sanlam exercised its pre-emptive right to acquire the remaining shareholding of FBNI and in line with our partnership philosophy that underpins our business model, we will introduce local shareholding at an appropriate time in the future. This transaction is evidence of our belief and confidence in the value and future of the business as well as the skilled management team and staff. Moreover, we are committed to Nigeria and view it as a key market on the continent. The African continent as a whole remains an important and integral part of Sanlam’s growth”.
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Mr Werth concluded that “FBN is a well-established, 120-year-old company with an impeccable reputation in the Nigerian market and the financial services industry as a whole. Over the years we have enjoyed a mutually beneficial partnership with FBNH, and we will continue to cooperate with them in the future. FBNI has grown into a significant insurance player in the market with a strong management team and we look forward to continuing to deliver excellent financial services and value to our clients and stakeholders.”
In his comment on the divestment, U.K Eke, the Group Managing Director of FBN Holdings Plc said that “The divestment is in line with the Group’s medium to long term strategic objectives. This will ultimately improve our shareholders’ well-being and deliver greater value to all the stakeholders”.
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Sanlam has grown to be the largest non-banking financial services group in Africa. This it has achieved through its diversification strategy from its humble beginning in 1918 as a life insurance company.
The company is a pan-African financial services group listed on the JSE and A2X in South Africa and the NSX in Namibia. And through its five business segments – Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investment Group, Sanlam Corporate, and Santam – the company provides comprehensive and bespoke financial services to both institutional clients and retail customers across all market segments.
Sanlam’s areas of expertise include life and general insurance, financial planning, retirement, investments, and wealth management. The company is truly international in outlook and operations having a presence in over 30 African countries. And also in Australia, the United Kingdom, India, the United States of America, Malaysia, the Philippines, and Lebanon.