By NIyi JACOBS
The National Insurance Commission (NAICOM) has officially issued new operating licenses to SanlamAllianz Life Insurance and SanlamAllianz General Insurance following the successful merger between Sanlam and Allianz operations in Nigeria.
The licenses, presented at NAICOM headquarters in Abuja, mark a major milestone in the consolidation of two leading global insurers into a single, stronger brand positioned to deepen insurance penetration and offer broader risk coverage in Nigeria.
The merger, approved by regulators earlier this year, brings together Sanlam’s extensive life assurance portfolio and Allianz’s general insurance expertise under the unified SanlamAllianz identity. With the new licenses, both life and non-life insurance businesses are now set to operate as fully compliant entities under Nigeria’s insurance regulatory framework.
NAICOM described the licensing as a sign of continued confidence in Nigeria’s insurance sector and a testament to the growing interest by global players in the Nigerian market. Industry analysts say the move could trigger further consolidation in the sector while enhancing service delivery, innovation, and capital strength.
The merged entity is expected to leverage combined global expertise, technology, and local market knowledge to provide enhanced solutions across corporate, retail, and digital channels.
SanlamAllianz is now poised to play a more prominent role in Nigeria’s insurance landscape, helping to close the protection gap and drive growth in a largely underinsured economy.
