Sanlam, a diversified financial services company offering life insurance and investment management services, has merged its Nigerian operations with Allianz, a global insurance and asset management giant. This strategic merger marks a significant milestone in both companies’ Pan-African expansion plans.
The merger, now operating under the SanlamAllianz Nigeria brand, was announced on Thursday, June 5, 2025, at a high-profile launch event held at the Oriental Hotel, Victoria Island, Lagos. “The emergence of SanlamAllianz Nigeria is timely and significant, especially as Nigeria has boldly announced its ambitions to achieve a $1 trillion economy. Such an ambitious goal requires the backing of a financially solid underwriter and exceptional risk management expertise,” Yomi Onifade, MD/CEO, SanlamAllianz General Insurance Nigeria, stated.
SanlamAllianz Nigeria is part of a broader initiative by both parent companies to create Africa’s leading non-banking financial services group in different markets. “Today marks a transformative chapter for Sanlam and Allianz, but, even more importantly, the Nigerian insurance industry. Our joint venture, SanlamAllianz, is the fusion of complementary strengths, global expertise, and local insights designed to expand access to world-class insurance solutions for millions of Nigerians,” Tunde Mimiko, MD/CEO of SanlamAllianz Life Insurance Nigeria, said.
The SanlamAllianz Nigeria merger is part of a bigger, strategic push by Sanlam and Allianz to combine their strengths and dominate the financial services space outside of traditional banking in various African markets. By leveraging Sanlam’s extensive continental footprint and achievements and Allianz’s global reputation and technical expertise, this new entity aims to offer enhanced customer experiences, innovative insurance solutions, and improved financial inclusion in Nigeria.
“At a time when Africa’s economic evolution demands more than traditional products, SanlamAllianz is committed to empowering individuals and businesses to build resilience, plan confidently, and drive inclusive growth,” Mimiko said
Amid market uncertainty, this partnership seeks to offer Nigerians and businesses a dependable source of stability and trust. By delivering transparent, customer-centric solutions and upholding the highest standards of governance and ethics, SanlamAllianz seeks to build trust, empowering individuals and enterprises to face the future with confidence.
“We understand that building confidence in the market involves more than just offering insurance products; it requires strict adherence to governance, transparency, responsiveness, and excellence in service delivery. At SanlamAllianz, we recognise the unique challenges that businesses and industries face and are well-positioned to provide tailored solutions that inspire trust and deliver real value.”
SanlamAllianz is a leading Pan-African financial services group, formed in September 2023 before its official announcement in 2025. With operations in 27 African countries, SanlamAllianz leverages over 200 years of combined expertise to deliver a broad range of services, including life and general insurance, asset management, assistance, third-party administration, and retail credit.
Sanlam and Allianz have already merged their businesses in several African countries, including key markets like Kenya, Morocco, Ghana, Uganda, Côte d’Ivoire, and now, Nigeria. This integration combines decades of experience across insurance and asset management, aligning operations to serve local markets better while streamlining product delivery and regional expansion.
With Nigeria’s low insurance penetration among its vast population, SanlamAllianz is strategically positioning itself at the right moment to transform the Nigerian insurance landscape. By embracing innovation, fostering financial inclusion, and expanding accessible coverage, the company aims to build lasting trust in insurance as a vital tool for long-term financial security.
