South African life insurer MMI Holdings has acquired full ownership of United Metropolitan Nigeria Life Insurance after purchasing the 50 percent stake it did not already own, it said on Thursday.
“The acquisition of the remainder of United Metropolitan demonstrates MMI Holdings’ commitment to grow our market presence in Africa,” CEO Nicolaas Kruger said in a statement.
United Metropolitan was formerly UBA Metropolitan Life Insurance Limited and emerged following the successful recapitalization and change of name of erstwhile HEIRS Life Assurance Company Limited.
The purchase consideration for the shares in United Metropolitan Nigeria Life amounted to N3.25 billion and the transaction closed on 10 May, 2016. United Capital realised a capital gain of N1.5 billion from the transaction.
United Capital shares was up 10% as at close of trading on Thursday