Allianz acquires Nigeria’s Ensure Insurance Plc

30 Aug 2017
Financial Nigeria

Summary

Allianz Group views Africa as one of the important future growth markets and is now present in 17 countries and has clients in 39 countries across the region.

Coenraad Vrolijk, Regional CEO Africa, Allianz SE

Allianz SE, a German financial services group headquartered in Munich, announced today a binding agreement to acquire 98 percent of Nigerian insurer, Ensure Insurance Plc. from its core shareholder Greenoaks Global Holdings Ltd. (GGH).

Ensure Insurance offers life and non-life insurance services and generated 11 million euros in gross premiums written in 2016. 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.

Allianz Group views Africa as one of the important future growth markets and is now present in 17 countries and has clients in 39 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.

“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. “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.”

Pending regulatory approvals, the transaction is expected to close end of 2017 when Ensure Insurance shall become a member of the 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. In 2016, Allianz had over 140,000 employees in more than 70 countries, achieved total revenues of 122 billion euros and an operating profit of 11 billion euros for the group.


Other Photos/Videos