Sanlam Completes Takeover of FBN Insurance

Sanlam Completes Takeover of FBN Insurance

By Sahabi Abdul

South Africa’s insurance giant, Sanlam, has completed it’s takeover of FBN Insurance and rebranded it as Sanlam Nigeria.

Sanlam had about a decade ago acquired a 35 percent stake in the insurance unit of First Bank group. Then in June 2022, Sanlam increased it’s holding to 65 percent and became the majority owner of the company. The process was completed with the rebranding of the company as Sanlam.

“The move supports Sanlam’s strategy to deliver excellent products and services to customers through direct contact with the Sanlam brand,” Tunde Mimiko, the chief executive officer of the Nigerian unit, said in an emailed statement. “The rebrand further supports our efforts to enhance our presence across Africa as well as our ongoing investment in the continent.”

Sanlam and First Bank logos

Sanlam, which was founded in 1918, is reputed to be the largest insurance company in Africa with a presence in 33 African countries. It’s also present in India, Malaysia, the UK and Australia. It’s market value is estimated at more than 8 billion dollars. It counts life and general insurance, financial and retirement planning and wealth management among it’s areas of expertise.

First Bank is Nigeria’s oldest financial institution, having begun life as Standard Bank in 1894 before sunsequent change of name and ownership over time.