One of the world’s leading insurers, Allianz Group has announced a binding agreement to acquire 98 percent stake in Nigerian insurer, Ensure Insurance Plc. Allianz will be buying the stake from the company’s core shareholder Greenoaks Global Holdings Ltd. (GGH).
“Nigeria is one of the most dynamic economies in Africa. The acquisition of Ensure Insurance Plc. gives us full access to this key insurance market in Africa and marks a major milestone for Allianz’s long-term growth strategy on the continent,” said Coenraad Vrolijk, Regional CEO Africa of Allianz SE.
Allianz Group views Africa as one of the important future growth markets and is now present in 17 countries across the region. Nigeria, a fast growing country with a population of more than 180 million citizens, is the country with the largest GDP on the continent.
The transaction is expected to close at the end of 2017 when Ensure Insurance Plc. shall become a member of the Allianz Group. However, the transaction is awaiting regulatory approvals.
“This new step of development will allow us to offer the best products and services to Nigerian customers in both personal and commercial lines. In addition, as we grow our excellent African teams, we are laying particular emphasis on hiring and developing local talent,” said Coenraad.
What you should know about Allianz Group
- The Allianz Group is one of the world’s leading insurers and asset managers with more than 86 million retail and corporate customers.
- Allianz is one of the world’s largest investors, managing over 650 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.
- It holds a leading position in the Dow Jones Sustainability Index.
- The insurer is currently present in 17 African countries which include: Benin, Burkina Faso, Cameroon, Central African Republic, Egypt, Ghana, Ivory Coast, Kenya, Madagascar, Mali, Mauritius, Morocco, Nigeria, Republic of the Congo, Senegal, South Africa, Togo
- It’s 1,500 employees achieved regional revenues of 600 million euros in 2016. Allianz also provides micro-insurance for 500,000 low-income families and individuals in Africa.
What you should know 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 consequent upon its acquisition from Union Bank of Nigeria Plc in 2014 and at which time, it was known as Union Assurance Company Plc.
- Ensure Insurance Plc. recorded astounding growth of 46 percent and a Profit After Tax of Naira 1.052 billion (3 million euros) in FY 2016.
- Ensure Insurance Plc. offers life and non-life insurance services and generated 11 million euros in gross premiums written in 2016.