Allianz acquires 98% equity stake in Nigeria’s Ensure Insurance
by Modestus Anaesoronye
August 30, 2017 | 8:08 pm| | | Start Conversation
Allianz Group, one of the world’s leading insurers and asset managers with more than 86 million retail and corporate customers on Wednesday announced a binding agreement to acquire 98 percent of Nigerian insurer, Ensure Insurance Plc from its core shareholder Greenoaks Global Holdings Ltd.
With this acquisition, Allianz Group which manages over 650 billion euros on behalf of its insurance customers is now present in 17 African countries.
Ensure Insurance Plc. offers life and non-life insurance services and generated 11 million euros in gross premiums written in 2016.
The transaction is expected to close end of 2017 when all necessary regulatory approvals would have been secured.
Business Day had exclusively reported on August 17, 2017 that three international insurers including Hollard of South Africa, Allianz of Germany and a local Nigerian company, Wapic Insurance Plc were in the race to acquire Ensure Insurance Plc.
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.
“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. 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 Vrolijk, Regional CEO Africa of Allianz SE.
The Allianz Group is one of the world’s leading insurers and asset managers with more than 86 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 Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold a leading position in the Dow Jones Sustainability Index. In 2016, 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.
In Africa , Allianz is currently present in 17 countries and accompanies clients in 39 countries. Its 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.
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. We are focused on delivering excellent products and customer services and we intend to be the dominant insurance services provider in Nigeria. Ensure Insurance Plc. recorded astounding growth of 46 percent and a profit after tax of N1.052 billion (3 million euros) in FY 2016.
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