NSIA Group, the parent body of NSIA Insurance Limited Nigeria, has made good its desire to strengthen its position in West Africa through the acquisition of four insurance subsidiaries of Sanlam Group.
Sanlam is a strong global conglomerate in insurance, which recently took over full ownership of FBNInsurance formerly owned by First Bank of Nigeria.
The acquisition of the four firms accordingly to a statement by the firm, is born from a desire to strengthen its positions in West and Central Africa.
The statement said NSIA Group began the acquisition in 2021 with the following subsidiaries of SANLAM group: Sanlam Life Insurance in Togo; Sanlam Life Insurance in Gabon; Sanlam Non-Life Insurance in Congo and Sanlam Non-Life Insurance in Guinea.
According to the Chairman of NSIA Group, Jean Diagou, for 26 years, the NSIA Group has been implementing a controlled development strategy for its activities.
He said that was what allowed the group to establish itself permanently in each of the countries where it operated.
“Today, we are strengthening our presence in Togo, Gabon, Congo, and Guinea. For all of our stakeholders, this operation heralds promising prospects, ” Diagou said.
Diaguo said the operation met two objectives to increase the group’s market share in countries that were important for the development of NSIA and to strengthen compliance with the requirements of the regulator of the CIMA zone.