Nigeria: NAICOM Grants Operating Licence to SanlamAllianz Nigeria

The National Insurance Commission (NAICOM) has granted operational licences to SanlamAllianz Life and General Insurance Nigeria Ltd, further reinforcing its commitment to deepening insurance penetration and fostering regulatory compliance within the Nigerian insurance sector.

During the formal issuance of the licences in Abuja, Commissioner for Insurance, Mr. Olusegun Omosehin, reiterated NAICOM’s unwavering support for the growth and stability of insurance entities in the country. He emphasised the need for licensed firms to uphold strong corporate governance standards, ensure financial soundness, and prioritise prompt claims settlement to build public trust.

Omosehin assured stakeholders that the Commission remains focused on eliminating bureaucratic hurdles and enhancing operational efficiency in the industry. He expressed confidence that the emergence of SanlamAllianz would strengthen the sector and unlock new opportunities for innovation and market development.

The licensing follows the successful merger of Sanlam and Allianz’s operations in Nigeria, culminating in the formation of SanlamAllianz Nigeria. The move aligns with the companies’ broader Pan-African growth strategy and is aimed at delivering superior customer value, expanding insurance access, and fostering financial inclusion across the country.

SanlamAllianz’s entry into the Nigerian market marks a strategic milestone in reshaping the nation’s insurance landscape through the introduction of innovative products and customer-centric solutions.