Ensure Insurance set to take its rightful position in Nigerian market
Allianz Group has announced the completion of the acquisition of 99.03 percent of Nigerian insurer, Ensure Insurance plc. from its core shareholder Greenoaks Global Holdings Ltd. (GGH). Ensure Insurance Plc. offers life and non-life insurance services and generated N7.7 billion, equal to18.2 million euros in gross premiums written in 2017.
The new company 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, the company said Wednesday at a press conference in Lagos
“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 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 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.” adds Owolabi Salami, of Ensure Insurance plc.
Salami further stated that the company will continue on its innovative products and offerings, as have been done with its motor policy.
One of the things that stands us out in the market, is that we give customers 15 percent of their premium if after two years of insuring with us there is no claims.
Again, customers above 45 years and women, gets rebate in premium because we classify them as low risks clients, owolabi stated.
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 Global 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 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.
In Africa, Allianz is currently present in17 countries and accompanies clients in 38 countries. Its 1,500 employees achieved regional revenues of 600 million 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. Ensureis 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 FY 2017.