Allianz Group completes acquisition of Ensure Insurance in Nigeria
Management of Ensure Insurance/Allianz Group at a Press conference to announce the consummation of acquisition of 99.03 percent stakes in Ensure Insurance Plc in Lagos today.
Allianz Group completes acquisition of Ensure Insurance in Nigeria
*Announces N7.7bn as GPW for 2017
In its drive aimed at expanding its footprints in Africa, one of the world’s leading insurers and asset managers, Allianz Group, has announced the completion of the acquisition of 99.03 percent stakes of Nigerian insurer, Ensure Insurance Plc from its core shareholder, Greenoaks Global Holding Limited (GGH).
The Ensure Insurance’s operating performance for year 2017 was also made public.
The management in a press conference today in Lagos, said that Ensure Insurance Plc, a life and non-life insurer in 2017, generated N7.7 billion (18.2 million euros) in gross premium written.
The new company, the management said, will continue operating in Nigeria as Ensure – a company of Allianz and will benefit from the technical underwriting expertise, global presence and financial support of the Allianz Group.
“We had clearly identified Nigeria as a high-potential market in Africa with a strong regulatory environment and interesting demographics. We are delighted to penetrate this fast-growing market through the acquisition of a solid financial player with a strong local expertise. Coupled with Allianz’s underwriting capacity and service delivery, the combined group will be able to provide the highest quality of products and services to Nigerian customers in both personal and commercial lines. We trust that our combined group will help support the Nigerian Economy and grow the local insurance market,” said Coenraad Vrolijk, Regional Chief Executive Officer (CEO) of Allianz Africa.
“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, “ Owolabi Salami of Ensure Insurance Plc added.
The Allianz Group is one of the world’s leading insurers and asset managers with more 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 650 billion Euros on behalf of its insurance customers while our asset managers, Allianz Investors and PIMCO manage an additional 1.4 trillion Euros of third-party assets.
Thanks to the Allianz Group’s 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 2018, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion Euros and an operating profit of 1.1 billion Euros for the group.
In Africa, Allianz is currently present in 17 countries and accompanies clients in 38 countries. Its 1,500 employees achieved regional revenues of 600 Euros in 2017. Allianz also provides micro-insurance for 500,000 low-income families and individuals in Africa.
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 provides simple, accessible, relevant and affordable products to the retail segment of the industry and a bedrock of highly secure reinsurance facilities and unmatched technical competence for its corporate business customers. Ensure is focused on delivering excellent products and customer services and intends to be the dominant insurance services provider in Nigeria. Ensure Insurance Plc recorded an astounding gross revenue growth of 83 per cent in 2017 financial year.
