Nairametrics| Standard Alliance Insurance Plc, has formally merged with its sister company, Standard Life Assurance, to become one big insurance company, underwriting life and non-life insurance businesses.
The new company to be known as Standard Alliance Insurance Plc will have a shareholders fund of N6.392bn and asset base of N13.651bn.
The Group Managing Director, Standard Alliance, Mr. Bode Akinboye, explained that
“the merger was a deliberate and strategic decision by the boards of both companies to form a front line composite insurance company which will play a leading role in the nation’s insurance sector with the ultimate goal of making the company the most preferred place to invest in.”
Standard Alliance is a quoted company with its share price stuck at N50 kobo for years now.
