The National Insurance Commission (NAICOM) on Tuesday handed over new operational licenses to SanlamAllianz Life Insurance Nigeria Ltd. and SanlamAllianz General Insurance Nigeria Ltd., following the recent merger of Sanlam Nigeria and Allianz Nigeria.
The brief ceremony, held in Abuja, marked a major regulatory step forward in the integration of the two insurance powerhouses under the SanlamAllianz banner.
Speaking at the event, Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, reaffirmed NAICOM’s commitment to strengthening the insurance industry through proactive regulation and support for market consolidation.
“We are committed to providing an enabling environment for insurance entities to thrive, while maintaining strict regulatory standards,” Omosehin said. He called on the new firms to prioritize strong corporate governance, financial stability, and the prompt settlement of claims.
The Commissioner added that NAICOM is working to eliminate unnecessary regulatory bottlenecks and improve overall sector performance. He expressed confidence that the newly merged entities will bring greater efficiency, innovation, and market competitiveness to the industry.
The new licenses position SanlamAllianz to deepen its footprint in Nigeria’s insurance space, with expectations that the merged entity will play a critical role in driving penetration and enhancing customer trust.
The Sanlam-Allianz merger combines global expertise and resources with deep local market knowledge, creating one of the most formidable players in Nigeria’s insurance landscape. The successful licensing by NAICOM now clears the way for full operations under the unified brand.
Industry watchers see the development as a vote of confidence in Nigeria’s insurance regulatory framework and a boost to investor sentiment amid ongoing economic reforms.
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