For Nigeria to hit its ambitious $1 trillion economy target by 2030, the insurance sector must play a key role—especially in underwriting and risk management. That’s the message from Yomi Onifade, CEO of SanlamAllianz General Insurance Nigeria, during the launch of the newly merged entity in Lagos.
The SanlamAllianz brand brings together the strengths of two powerhouses: Sanlam, a leading non-banking financial group, and Allianz, one of the world’s top insurance giants. Together, they’re promising not just better insurance coverage, but deeper market impact across Nigeria.
Onifade described the timing as “strategic,” emphasizing that a trillion-dollar economy can’t be achieved without strong, reliable insurers capable of managing complex risks and supporting economic resilience.
“We’re not just selling insurance, we’re delivering trust, transparency, and tailored solutions that support real businesses and real lives,” he said.
The new company is focused on boosting insurance penetration, which remains under 1% of GDP in Nigeria. Their plan? Make insurance more accessible through innovation, financial inclusion, and customer-first solutions.
Already, Sanlam and Allianz have merged their operations across several African countries – Kenya, Ghana, Uganda, Côte d’Ivoire, Morocco – and now Nigeria joins the list. For customers and partners, existing policies remain valid. But now they can expect better service, broader coverage, and smarter tools.
Tunde Mimiko, CEO of SanlamAllianz Life Insurance Nigeria, highlighted that the merger blends global expertise with local insight, aiming to serve millions of Nigerians across personal and business lines.
“Our goal is to empower people to plan better, grow stronger, and thrive especially MSMEs who need affordable and dependable protection,” he said.
The team is aiming high. Chris Ekwonwa, Group Head of Strategy, said SanlamAllianz is determined to be among Nigeria’s top three insurers by 2028, with a laser focus on product innovation and customer satisfaction.
This partnership is more than a merger it’s a commitment to transform insurance in Nigeria and help build an economy that works for everyone.
