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Demystifying Core Issues Behind Allianz Acquisition Of Ensure - The Revealer
Insurance

Demystifying Core Issues Behind Allianz Acquisition Of Ensure

Mr. Coenraad Vrolijk, Regional CEO, Allianz Africa

Recently, precisely on July 18, 2018, Allianz Group., one of the leading Insurers and Asset managers in the world, formally consummated its acquisition of 99.03 per cent of the shares in Ensure Insurance Plc from its core shareholder, Greenoaks Global Holdings Limited (GHL), thereby making Ensure Insurance Plc, now operating in Nigeria as Ensure – a company of Allianz, a global player.

Here we present to you in detail all that you need to know about the transaction.

The transaction is a major milestone for Allianze’s long-term growth strategy in Africa in general and Nigeria in particular, aimed at becoming an insurer of choice in the fast-growing Nigerian market.

About Allianz Group and what they do

The Allianz Group is headquartered in Munich, Germany with its teeming customers benefiting from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services; credit insurance and global business insurance.

The Allianz Group prides itself as one of the world’s largest investors, managing over 650 billion Euros on behalf of its insurance customers while its asset managers, Allianz Global Investors and PIMCO manage an additional 1.4 trillion Euros of third-party assets.

Through Allianz Group’s systematic integration of ecological and social criteria in business processes and investment decisions, Allianz holds the leading position for insurers in the Dow Jones Sustainability Index.

In 2017, Allianz through its over 140,000 employees in more than 70 countries generated a total revenue of 126 billion Euros and an operating profit of 11 billion Euros for the group, a great feat achieved through strategic planning and cutting edged technological innovations.

About Ensure Insurance and reason for Acquisition

Ensure Insurance Plc is one of the most innovative and fastest growing insurance companies in Nigeria, which is well-regulated and demonstrates an increased need for expansion given the growth of the economy and the demographic mix. This acquisition will enable the Allianz Group to grow its business and insurance footprint in African dynamic markets by joining forces with an existing player with a solid financial position and strong local expertise.

This investment is another step by Allianz to increase its presence in the fast-growing African market. Having identified Africa as one of the future growth markets, we continue to invest step-by-step in the continent. The investment in an insurance company in the largest growth market of Africa, namely Nigeria, is a major milestone for Allianz’s long-term strategy in Africa.

Benefits available for both parties

The Allianz Group benefits from Ensure’s existing establishment, market knowledge and position, customer base, robust operations, strong technical expertise and innovative practices. Ensure provides simple, accessible, relevant and affordable products to the retail segment of the industry, secured reinsurance facilities and strong technical competence for its corporate business customers.

On the other hand, Ensure stands to benefit from the insurance knowledge and expertise, technological advancement and leading market value that Allianz has worldwide. Benefits for staff include advantage of training, work exchange programs and career advancement while clients expect innovative products and optimum service delivery.

Leveraging the strength of cultural diversities

Most acquisitions do involve a cultural exchange, depending on how much a cultural gap needs to be closed in order to achieve a successful integration. Allianz believes that part of such a cultural exchange to be driven by its guiding cultural principles around people and performance. In Allianz this is called “a Home for those who Dare.” The cultural ethos is underpinned by creating environments where staff can excel and be recognized as well as leveraging knowledge, tools and systems, to translate this performance into a leading market position.

During their due diligence of Ensure, they found a fair measure of alignment in their values including customer centricity, technical excellence and pursuit of growth through innovation. These shared values have made this a harmonious and symbiotic acquisition just as they celebrate those aspects of the culture which makes Ensure such a dynamic organization.

The name Ensure – a Company of Allianz

While there is the intention to integrate the Allianz Board with the Company, there are several statutory and regulatory approvals that are necessary in order for Ensure to be fully re-branded as an Allianz company. Until such approvals are received, Ensure will continue operating under the Ensure brand.

Allianz Group is working assiduously towards entrenching its brand fully in the Nigerian market pending the approvals of all necessary statutory regulations.

First thing first!

Pending approval from the insurance regulator, Allianz directors will be appointed to the board of Ensure Insurance Plc after the resignation of the GGH board members. Some of the steps to be taken by Allianz include: speak with their trusted customers, brokers and business partners regarding the acquisition; identify needs for staff development; engage in an intensive exchange with their colleagues from Ensure to identify and preserve those strengths which has made Ensure a trusted insurance company and share and agree on updated policies, procedures and structures in accordance with Allianz standards.

Others are: leverage the technical skills and expertise to enhance strategic development in alignment with the Allianz Africa regions; implement relevant systems and interfaces to enable the company seamlessly integrate on a communications, operational, reporting and functional level; develop strategic brand campaigns and positioning as well as explore innovation around risk management, technical underwriting, insurance processes and more.

Africa as a growth region with huge potential

For Allianz Group, Africa is not a new territory for them having been in the continent for over 100 years with 54 different insurance markets. Allianz understands the markets and know how to navigate through the challenges they present as well as the opportunities that the continent offers.

Despite some political and economic crises ravaging the continent, African countries have experienced a continuous growth over the years and insurance have been following the same trend. Allianz believes that insurance in Africa will grow even stronger in the next decades due to the demographic transition combined with a growing insurance penetration which is still below two per cent in most countries at the moment. These two effects can be leveraged to grow business across the continent.

Allianz’s investment strategy in Africa

Allianz aims to expand its footprints in major African insurance markets where they have no presence through M & A when conditions are met or greenfield when economically viable. Recent examples include Morocco and Nigeria, as well as following an organic growth strategy in those 17 markets where they are already present.

Allianz wants to bring the best to Africa. They also want to invest in the continent and build a long-term partners’ ecosystem that will allow them to reach and benefit all customers in Africa. This means bringing expertise on large corporate and specialty business, retail life and health, agricultural insurance, trade credit, as well as insurance and health services provider

Allianz earnings from its investments in Africa

Since 20 years ago Allianz established its presence in African continent, it has steadily grown at an annual average of 10 per cent with strong profitability across all its entities. In 2015, Allianz Group decided to accelerate its business portfolios in the continent with its major acquisition in Morocco, Nigeria and its current investment in the leading pan-African reinsurer, Africa Re underscores Allianz’s readiness and commitment to invest in the continent.

Currently, Allianz is present in 17 African countries and accompanies clients in 38 countries. Its 1500 employees achieved regional revenues of 630 million Euros in 2017. Allianz also provides micro-insurance for 500,000 low-income earners and families across African continent.

 

 

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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