fbpx
Edit Content

FBN Insurance Rebrands to Sanlam Life Insurance Nigeria Ltd

FBN Insurance Rebrands to Sanlam Life Insurance Nigeria Ltd

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.

Start Your Business in 30 Days Even If You Don't Have An Idea
Start Your Business in 30 Days Even If You Don’t Have An Idea

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”.

Increase your sales lead by finding all you need and more in the comprehensive Sales and Marketing Plan Template

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”.

See also, eNaira: Everything You Need To Know.

About Sanlam

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.

Find out more about our services at Entrepreneurs.ng here.

Share:

Facebook
Twitter
LinkedIn

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Business Registration

Most Popular

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Related Posts

Important Business Skills

Top 5 Important Business Skills for Every Entrepreneur

Nigeria is experiencing a surge in entrepreneurial activities. More people are venturing into business, creating a vibrant and competitive environment. This growth is exciting but also challenging. Entrepreneurs face many obstacles, from financial constraints to market competition. To succeed, entrepreneurs need important business skills. See Also: How to transition from

Best Freelance Jobs

5 Best Freelance Jobs That Require Little Professional Skills

The rise of the freelance economy marks a significant shift in the global job market. Today, millions are tapping into the benefits of freelancing, drawn by its remarkable growth over recent years. This surge is fueled by a demand for flexible work arrangements and the broad availability of remote work

Choosing the right online store

8 Tips on Choosing the Right Platform for Your Online Store

Choosing the right e-commerce platform is crucial for anyone planning to launch an online store. The platform you choose not only powers your business operations but also shapes the shopping experience you offer to customers. This decision affects how smoothly your operations run, the quality of your customer interactions, and

Scroll to Top

Join Entrepreneurs Family!

Get access to FREE business insights and funding opportunities daily.

Entrepreneurs Sign Up