Allianz Nigeria Insurance Limited has denied plans to exit Nigeria, as being speculated in some quarters, having invested heavily into its market.
According to NAN, this was made known by the Chief Executive Officer (CEO) of the insurance firm, Mrs Adeolu Adewumi-Zer, during an interview on the sideline of the launch of the insurer’s funeral insurance product on Monday in Lagos.
Adewumi-Zer said that the insurer intended to remain a trusted partner of Nigerians for life by adding value to its customers as it had done in other countries.
What the CEO of Allianz Nigeria Limited is saying
Adewunmi-Zer said the underwriting firm had penetrated the Nigerian corporate space and is focused on its retail market and the Small and Medium Enterprises (SMEs) to provide support.
She explained that Allianz Nigeria, a subsidiary of Allianz Group, one of the world’s largest insurers, managing around 809 billion euros on behalf of its insurance customers, had the capital to remain in the market for over 100 years.
Going further the Alliance Nigeria CEO said that the underwriter’s asset managers – PIMCO and Allianz Global Investors managed over 1.9 trillion euros of third-party assets.
She said, “In 2021, over 155,000 employees achieved a total revenue of 149 billion euros and an operating profit of 13.4 billion euros for the group.’’
What the Chief Financial Officer of Allianz Nigeria is saying
Speaking during the event, the Chief Financial Officer of Allianz Nigeria, Mr Afolabi Lawal, said that the insurer recorded premium of about N1.8 billion in the first quarter of 2022, representing a 9% increase when compared to what it sold in the corresponding quarter of 2021.
Lawal explained that the lower figure recorded last year could be attributed to several economic factors such as inflation while the increase in the current year could be hinged on more awareness on the necessity of insurance, as a result of the global crisis.
He also pointed out that the company was expecting over 50 per cent growth in 2023.
What you should know
- Allianz Nigeria Insurance Ltd (formerly Ensure Insurance plc) is a privately held insurance company in Nigeria. It is licensed by the National Insurance Commission, which is the main insurance regulator in Nigeria.
- It was incorporated in 1993 as Union Assurance Company Plc, the company was relaunched as Ensure Insurance Plc in 2016, acquired in 2018 by Allianz and rebranded as Allianz Nigeria Insurance Ltd.
- The Allianz Group is one of the world’s leading insurers and asset managers with 126 million private and corporate customers in more than 70 countries.
- The insurer offers a range of personal and corporate insurance services, such as: property, life and health insurance to assistance services, credit insurance and global business insurance.