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FBNInsurance has completed its rebranding project to be known as Sanlam Life Insurance Ltd following Sanlam’s take up of 100 percent shareholding in FBNInsurance.
Sanlam, Africa’s largest non-banking financial services company, has few years back been eyeing Nigerian market for investment.
The company 12 years back made a step forward by taking up stake in FBNInsurance.
But just recently it announced the launch of its brand in the Nigeria market, rebranding FBN Insurance to Sanlam Life Insurance Nigeria Limited having totally acquired FBNInsurance shareholding in the insurance underwriting firm.
Sanlam’s Pan Africa (SPA) Life Insurance Cluster CEO, Robert Dommisse, at the official launch of the new brand in Lagos said the move supported the Sanlam’s strategy to deliver excellent products and services to clients through direct contact with the Sanlam brand.
FBN Holdings Plc sold its stake in FBN Insurance to Sanlam Emerging Markets (Proprietary) Limited (Sanlam) for a total consideration of N24.62 billion. The sale was completed on June 1, 2020 and FBN Holdings said it used the proceeds to shore up its capital.
Sanlam is a South African financial services group headquartered in Bellville, Western Cape. It is listed on the Johannesburg Stock Exchange, the Namibian Stock Exchange and the A2X. Established in 1918 as a life insurance company, Sanlam Group has developed into a diversified financial services business.
FBN Insurance was one of the fastest growing subsidiaries of FBN Holdings and doing its bit to help turnaround the Tier one lender.
Its results as at December 2020 showed it recorded the lowest combined ratio among peers.