From left: Regional Chief Executive Officer (CEO) of Allianz Africa, Coenraad Vrolijk; Chief Responsibility Officer, of the firm, Owolabi Salami; Regional Head of Mergers, Acquisitions and Transformation Africa-Allianz and Non-executive Director, Dickie Ulu at the event.
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Chuks Udo Okonta
Allianz Group announced today the completion of the acquisition of 99.03 per cent of the shares in Nigerian insurer Ensure Insurance plc from its core shareholder Greenoaks Global Holdings Ltd. (GGH).
Ensure Insurance plc offers life and non-life insurance services and generated 18.2 million euros in gross premiums written in 2017. The company will operate in Nigeria as Ensure – a company of Allianz.
At a press conference in Lagos today, Allianz Group said it views Nigeria as a high-potential market in Africa with a strong regulatory environment and promising demographics.
The Regional Chief Executive Officer (CEO) of Allianz Africa, Coenraad Vrolijk, said: “We are pleased to enter this fast-growing market through the acquisition of a solid financial player with strong local expertise. This new step of development will allow us to leverage the strength of the Allianz Group and the expertise of the Nigerian team to provide high quality products and services to Nigerian customers in both personal and commercial lines.”
“The consummation of this acquisition will be highly beneficial to our business and improve our service platform to our valued clients. We are excited to harness the depth of technical competence that Allianz has acquired over the years of experience garnered through serving clients in various sectors. We are confident that this will position us for leadership in the local operating environment,” Chief Responsibility Officer, of the firm, Owolabi Salami, said.
The Allianz Group is one of the world’s leading insurers and asset managers with mre than 88 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 660 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.
About Allianz Africa
In Africa, Allianz is currently present in 17 countries and accompanies clients in 39 countries. Its 1,500 employees achieved regional revenues of 630 million euros in 2017. Allianz also provides micro-insurance for 500,000 low-income families and individuals in Africa.
About Ensure Insurance Plc
Ensure Insurance plc is one of the most innovative and fastest growing insurance companies in Nigeria. The company has undergone a turnaround and transformation exercise since it was acquired by GGH from Union Bank of Nigeria plc in 2014 and at which time it was known as Union Assurance Company plc. Ensure provides simple, accessible, relevant and affordable products to the retail segment of the industry and is a bedrock of secure reinsurance facilities and strong technical competence for its corporate business customers.