The National Insurance Commission (NAICOM) has officially issued operational licenses to SanlamAllianz Life and General Insurance Nigeria Limited, marking a key regulatory milestone in the wake of the recently announced merger between Sanlam and Allianz operations in Nigeria.
At a brief handover ceremony held Wednesday in Abuja, the commissioner for Insurance, Mr. Olusegun Ayo Omosehin, presented the licenses to the management of the new entities.
The commissioner reaffirmed NAICOM’s commitment to facilitating the growth of the insurance sector while ensuring that all players strictly adhere to regulatory frameworks.
The licensing follows the recent merger announcement by Sanlam Nigeria and Allianz Nigeria, which saw both firms consolidate their life and general insurance operations to form SanlamAllianz.
The unification aims to strengthen their market presence and improve operational efficiency in Nigeria’s dynamic insurance landscape.
Speaking at the event, Omosehin urged the newly licensed entities to uphold the highest standards of corporate governance and operational integrity. He emphasized the importance of stability, prompt claims settlement, and regulatory compliance in winning public trust and driving industry credibility.
The Commissioner further stated that NAICOM remains committed to eliminating bureaucratic bottlenecks and fostering a more enabling environment for insurers to thrive. He expressed optimism that the emergence of SanlamAllianz would not only boost investor confidence but also catalyse broader development within the Nigerian insurance sector.
The merger between Sanlam and Allianz, both renowned global financial services firms, is expected to bring enhanced capacity, technical expertise, and product innovation to the Nigerian market, positioning the new SanlamAllianz brand as a major player in both life and general insurance segments.
