Sanlam Insurance will further boost Nigeria economy, says Sanwo-Olu

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Lagos, Sept. 22, 2022 (NAN) Gov. Babajide Sanwo-Olu of Lagos State says the newly inaugurated underwriting firm, Sanlam Insurance, will further boost the Nigeria economy with innovation that will contribute to the sector.

Sanwo-Olu, represented by Mr Temitope Hundogan, Permanent Secretary, Lagos State Ministry of Finance, on Thursday, said this at the launch of Sanlam Insurance, having rebranded from FBNInsurance in Lagos.

Naija247news reports that FBNInsurance rebranded to Sanlam Life and General Insurance Nigeria Ltd., with the motto as: ‘Live With Confidence’, following acquisition by Sanlam, Africa’s largest non-banking financial services company.

The governor commended FBNInsurance and Sanlam for taking the bold step and expressed confidence that more positive transformation would trail the development.

“As we unveil the new brand, I congratulate Sanlam Group and welcome you to Lagos State in particular and also wish you greater achievement as you expand your frontiers.

“I am delighted to see that FBNInsurance has taken a step to open up the insurance sector by this move,”he said.

According to him, the insurance sector remains one of the most critical resources for a viable economy because it provides comfort and support for the survival of other sectors.

Sanwo-Olu charged captains of the insurance industry to do more in the area of publicity, digitalisation, sensitisation and development of attractive and competitive new products.

He noted that this would move the industry to a higher height and bring it at par with its counterparts in the developed economy of the world.

The governor pledged that the state would continue to maintain a robust partnership with the insurers, especially towards improving awareness of the important role played by the industry to mitigate loses due to unforseen events.

“Our administration remains resolute and committed to continuously provide critical infrastructure and create enabling environment for businesses to thrive, “he said.

Earlier in his address, the Chief Executive Officer, Sanlam Pan Africa (SPA) Life Insurance Cluster, Mr Robert Dommisse, said, the rebranding would apply to the life and general insurance businesses of the firm.

Dommisse said the new name of FBNInsurance would be Sanlam Life Insurance Nigeria Ltd., and Sanlam General Insurance Nigeria Ltd., respectively

He explained that the rebranding would support Sanlam’s strategy to deliver excellent products and services to clients.

According to him, this will be through direct contact with the Sanlam brand and enhance its presence across Africa as well as its ongoing investment in the continent.

“Sanlam has been committed to Nigeria and an important integral in the West Africa market,” Dommisse said.

NAN reports that Sanlam Life Insurance Nigeria Ltd. is a limited liability company licensed to transact life insurance business in Nigeria and owned by the Sanlam Group, having acquired 100 per cent stake of FBNInsurance.

Established in 1918 as a life insurance company, Sanlam Group is a pan-African financial services group listed on the Johannesburg, Namibian and A2X stock exchanges through its cluster with presence in over 33 Pan-Africa countries.