SanlamAllianz Nigeria Insurance Ltd
“Can a pan-African JV between two century-old insurers unlock Nigeria's underpenetrated insurance market at scale?”
Founded1993
HQLagos, Nigeria
IndustryFintech / Insurtech
The story
The Nigerian operation traces two lineages: an Ensure Insurance plc entity (founded 1993) that became Allianz Nigeria, and an FBN Life Assurance JV (2010) with Sanlam that became Sanlam Nigeria. In September 2023, Sanlam Group (Cape Town) and Allianz SE (Munich) created SanlamAllianz, a pan-African non-banking financial services JV covering 27 African countries. On June 5, 2025, the two Nigerian operations were formally merged into SanlamAllianz Nigeria, targeting Nigeria's underpenetrated insurance market with life, general insurance, and asset management.
Last 12 months
Product timeline
1993
Founded (later became Ensure Insurance plc)· founding
2010
FBN Life Assurance Limited founded as JV between FBNHoldings and Sanlam Group· founding
2012
Rebranded to FBNInsurance· pivot
2020
FBNHoldings divests; becomes Sanlam Life Insurance Nigeria Limited· pivot
2021
Sanlam Nigeria acquired Alexander Forbes Life for $7.2M· acquisition
2023
Sanlam and Allianz form pan-African JV (SanlamAllianz)· pivot
2025
Nigerian operations officially merged and launched as SanlamAllianz Nigeria (June 5, 2025)· pivot
Acquisitions
Regulated entities
2
regulatory licences held by SanlamAllianz Nigeria Insurance Ltd
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in SanlamAllianz Nigeria Insurance Ltd’s embedded-finance stack
Insurance
SanlamAllianz Nigeria Insurance Ltd (in-house)Sanlam Allianz Life Insurance Nigeria Limited (in-house)
Investing
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.