Global financial services powerhouses Sanlam and Allianz officially launched SanlamAllianz Nigeria, merging their Nigerian operations into a joint venture to tackle the Nigerian insurance market. SanlamAllianz, a Pan-African joint venture, was created in September 2023. However, the merging of both companies’ Nigerian operations was officially announced on June 5, 2025, and brings together two companies with over a century of experience each in the financial services market.
At an event held to officially announce the partnership at Four Points by Sheraton, Lagos, SanlamAllianz laid out the strategic implications of this new partnership, stating the objectives of both companies in this joint venture and its indications for innovation, inclusion, and Nigeria’s financial ecosystem.
Speaking at the event, Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance, expressed the company’s goal to transform the insurance landscape in Nigeria.
“We want to ensure that we create wealth, we preserve wealth, and we protect wealth in an enhanced way,” Mimiko said. “This joint venture also aligns with our ambition to ensure that we expand our financial services offering to a broader audience by providing innovative solutions that will foster financial inclusion and further deepen the penetration of insurance in Nigeria.”
Insurance penetration in many African countries is significantly lower than in the rest of the world. This low penetration is due to poverty, lack of awareness and trust for insurance companies, and poor judicial systems.
According to a 2022 report on insurance penetration in Africa, South Africa had the highest rate at 11.3%, followed by Namibia (7%), Morocco (2.1%), and Kenya (1.2%). Other countries on the list had less than 1%.
Hence, the merging of Sanlam and Allianz presents a potential transformation of the Nigerian insurance ecosystem by strengthening trust in insurance providers and ensuring insurance accessibility to more Nigerians.
“Our aim is to continue to make insurance accessible to all Nigerians, everywhere, anywhere, all the time. By so doing, we will be contributing to Nigeria’s role in the African trade and the global economy.” Mimiko said.
Sanlam, a Pan-African financial services group established in 1918, entered the Nigerian market in 2022 with the acquisition of FBN Insurance Limited (FBNI). Its merger with Allianz, a German insurance and asset management company established in 1890, brings together global and regional strengths rooted in over two centuries of insurance and financial services excellence.
SanlamAllianz is rooted in both companies’ shared vision for insurance in Africa. The joint venture operates in 27 African countries, offering life and general insurance services to 30 million Africans and managing a combined asset portfolio of nearly €3 billion.
Commenting on SanlamAllianz’s role in creating financial independence for all Nigerians, Yomi Onifade, MD/CEO, SanlamAllianz General Insurance Nigeria, said, “Our ambition is not only commercial but also civic. SanlamAllianz’s vision is to give all generations the financial confidence, security, and means to prosper, with the vision and mission of differentiating itself as the best financial services provider in Africa.”
With this partnership, SanlamAllianz is positioned to redefine Nigeria’s insurance sector by combining deep local knowledge with global expertise.
