The Managing Director/Chief Executive Officer of SanlamAllianz General Insurance Nigeria, Yomi Onifade, has described the formalization of the merger between Sanlam and Allianz as timely, aligning with Nigeria’s goal of achieving a $1 trillion economy by the end of the decade.
Onifade made this disclosure during the official unveiling of the merger, now branded as SanlamAllianz Nigeria, in Lagos. The partnership brings together Sanlam, Africa’s largest non-banking financial services powerhouse, and Allianz, one of the world’s most recognized global insurers, marking a significant milestone in their Pan-African expansion strategy.
According to Onifade, “The emergence of SanlamAllianz Nigeria is both timely and significant, especially as Nigeria aims to achieve a $1 trillion economy. Such an ambitious target requires robust backing from a financially solid underwriter and exceptional risk management expertise.
“We understand that building confidence in the market goes beyond offering insurance products. It demands strict adherence to governance, transparency, responsiveness, and excellence in service delivery. At SanlamAllianz, we recognize the unique challenges businesses and industries face and are well-positioned to provide tailored solutions that inspire trust and deliver real value.”
Also speaking at the event, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance Nigeria, highlighted the transformative impact of the merger on the Nigerian insurance industry. He stated, “Today marks a transformative chapter for Sanlam and Allianz but, more importantly, for the Nigerian insurance sector. Our joint venture, SanlamAllianz, combines complementary strengths, global expertise, rich underwriting heritage, and local insights to expand access to world-class insurance solutions for millions of Nigerians.
“At a time when Africa’s economic evolution demands more than traditional products, SanlamAllianz is committed to empowering individuals and businesses to build resilience, plan confidently, and drive inclusive growth. By embedding innovation and collaboration at our core, we aim to navigate the complexities of Nigeria’s market with integrity and excellence, setting a new benchmark for the insurance industry and securing the future of our people and businesses.”
SanlamAllianz Nigeria is part of a broader initiative by both parent companies to create Africa’s leading non-banking financial services group across various markets. Leveraging Sanlam’s extensive continental footprint and achievements alongside Allianz’s global reputation and technical expertise, the entity aims to enhance customer experiences, introduce innovative insurance solutions, and improve financial inclusion in Nigeria.
At the event, the company reassured policyholders that all existing policies remain valid, regardless of which partner originally issued them. This commitment underscores the merged entity’s dedication to seamless integration and customer satisfaction.
SanlamAllianz, established in September 2023 through a joint venture between Sanlam and Allianz, has already successfully merged operations in several African countries, including Kenya, Morocco, Ghana, Uganda, and Côte d’Ivoire. The Nigerian merger represents another step toward creating a Pan-African financial services leader capable of addressing the continent’s evolving needs while supporting economic growth and development.
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