African Alliance pays N6bn claims in Q3 2019

From left: Brand, Media and Communications Manager, Bankole Banjo; Head, Human Capital Management, Akinwole Akinola; Managing Director/Chief Executive Officer, Funmi Omo; Olabisi Adekola, Executive Director, Finance; Head, Group Life Business, Azuka Ochonogor and Head, Individual Life all of African Alliance Marcel Okorie at the event.

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Chuks Udo Okonta

African Alliance Plc has continued to defy the odds with a string of impressive performances as it paid N6 billion claims as at third quarter of 2019.

The Managing Director and CEO, African Alliance, Funmi Omo, disclosed this today at a press conference at the company’s headquarters in Lagos, while listing the giant strides the firm has made in less than two years, she restated the management’s commitment to sustaining the upward growth trajectory across all metrics.

Cross section of African Alliance Management and Insurance journalists at the event.

“Ours is a business that has seen it all and survived it all. Our position in just two years compared to now is testament to the unstinting leadership and guidance of our Board, the relentless drive of the executive management and a most committed and flexible staff who never shies away from challenges in any form,” Omo said.

According to her, the firm’s premium income grew by 68 per cent from N3.00 billion at the end of third quarter 2018 to N5.12 billion at the end of third quarter 2019; while by the end of the third quarter also the firm paid claims of about N6 billion to keep up with its promises of maintaining customer amazement.

In her submission, Olabisi Adekola, Executive Director, Finance, added that the firm’s all round growth earned it a ‘stable outlook’ and Bb+ by Agusto, foremost financial ratings agency in Nigeria. “That Agusto rated us Bbb+ is a win for us, considering where we were. But we are not relenting, all hands are on deck to sustain this growth and earn a most elite rating consistent with the elite investments we have made in the business.


On the company’s recapitalisation plans, a confident Omo said: “NAICOM gave a ‘No Objection’ to our plans which means we are on course. Come June 2020, you will see how far we have come. We do not say we are with you for life for fun; we mean every word.”

Meanwhile, in line with her commitment to build a formidable workforce and grow the overall brand image, African Alliance, announced key appointments into its management cadre.

The Managing Director and Chief Executive Officer, announced the appointments of Akinola Akinwole as Head, Human Capital and Bankole Banjo as Brand, Media and Communications Manager.

“Between Akinola and Bankole, we have two of the brightest minds in their fields. We all know a company is as good as the quality of its staff, we have brought in Akinola to help us reshape our workforce and put in place virile learning and development plans for the company. Bankole, on the other hand, has been hired to help aggregate and drive our brand to greater heights following the recent rebranding. I am delighted to have them on board, they are confirmations that we are doing many things right in African Alliance at this point,” she said.

Akinola Akinwole is an astute, resourceful human resources professional with demonstrated successes strategic HR management, organisational capability and change development, Talent Acquisition and Management amongst others. An alumnus of KPMG, Akinola joins African Alliance with 16-years’ cognate experience spanning HR consulting and financial services.

Bankole Banjo, on the other hand, is a transmedia brand storyteller with a decade’s experience across advertising, content creation, brand and media management, corporate communications and storytelling.

He has lent his creative expertise either as a copy manager, creative director or brand management executive to a myriad of brands across sectors including Toyota Nigeria, Star Lager beer, Samsung Electronics West Africa and FBNInsurance. Until recently, he was Communications Specialist at a coalition committed to changing the health narratives of Africa.

African Alliance is a publicly quoted life insurance company incorporated in 1960. The firm operates out of the corporate headquarters in Ikoyi, Lagos as well as in 18 branches nationwide. Earlier in the year, the firm was rebranded for the first time in its 59 years history in line with the management’s desire to refresh the brand and reposition it for growth.


  1. Okoli calista

    Kudos to our amiable MD/CEO, more grace upon you ma, as you take the company to a greater height.
    Congratulations to AAI.

  2. Ojong Juliet Ejobu

    I always feel at ease when news like this one is release, African alliance currently have turn challenge into stepping stone with it way of operation, I thank God the day I found myself doing business with this great organization., the board impressive performance has restore the management commitment and also building more confident in clients thanks AAI Weldon. More grace.

  3. That’s the spirit,I’m so happy to be an agent in African Alliance Insurance PLC. 🤜 to all of us we will keep growing,no going back. we will always win.

  4. In African Alliance Insurance Plc, we know too well that being with you for life isn’t good enough, until we put everything OnCheck.
    Get insured now for an assured life and stay OnCheck, as we embark with you on a financial journey with you for life.

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