Insurance company SA merges with Standard Life

Standard Alliance Insurance Plc, has formally merged with its sister company, Standard Life Assurance, to become a one big insurance company, underwriting life and non-life insurance businesses.

The court-sanctioned merger makes Standard Alliance Insurance Plc a leading composite insurance company with a shareholders fund of N6.392billion and asset base of N13.651billion.

Speaking on the merger, the Group Managing Director, Standard Alliance, Mr. Bode Akinboye, explained that “the merger was a deliberate and strategic decision by the boards of both companies to form a frontline composite insurance company which will play a leading role in the nation’s insurance sector with the ultimate goal of making the company the most preferred place to invest in.”

The Guardian

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