SanlamAllianz Nigeria

What SanlamAllianz Nigeria does

SanlamAllianz Nigeria is a Nigerian insurance and financial services company formed from the merger of Sanlam's and Allianz's Nigerian operations into a joint venture, officially launched on June 5, 2025. The company operates through two licensed subsidiaries - Sanlam Allianz Life Insurance Nigeria Ltd. and Sanlam Allianz General Insurance Nigeria Ltd. - authorized and regulated by the National Insurance Commission (NAICOM), and is majority-owned by South African Pan-African insurer Sanlam Group, with Allianz as the JV partner. Its product portfolio covers retail and corporate life insurance (Family Love Plan, FlexiEdu, FlexiSave, FlexiCash, SabiSavers, SavingsPlus, Personal Retirement Plan, Guaranteed Lifetime Retirement Income, Family Shield, Smart Protection, Group Life, Credit Life, Keyman) and retail and corporate general insurance (Motor, Travel, Personal Accident, Home, Marine, General Liability, Commercial Property, Cyber Liability, Commercial Vehicle).

The company's technology and distribution platform combines a 3,000+ salesforce/financial-advisor network across 66+ Nigerian locations with digital self-service channels including a mobile app, a web-based buyinsurance portal, and the Code of Confidence USSD service (*1056#) for instant third-party motor claims processing. The JV is seeded by Sanlam's June 2020 acquisition of FBNHoldings' 65% stake in FBNInsurance, which was rebranded to Sanlam Nigeria in September 2022 before the September 2023 SanlamAllianz Pan-African JV and the June 2025 Nigeria merger.

SanlamAllianz Nigeria makes money primarily through recurring insurance premiums from individual and corporate policyholders across life and general insurance lines, with additional annuity-based retirement income products. It runs a multi-channel GTM combining direct-to-consumer (advisors, app, USSD, Spar point-of-sale, market activations, 12-city roadshow) and enterprise field sales for group, credit-life, keyman, and commercial lines, and reported N77 billion in policyholder claims paid in FY2025 (Life N57.06bn, up 11.8% YoY; General N19.94bn) as evidence of active book scale.

Name

SanlamAllianz Nigeria

Legal name

Sanlam Allianz General Insurance Nigeria Ltd.

Website

https://sanlamallianz.com.ng

Company type

Private

Founded year

2022

Operating status

Operating

Short description

SanlamAllianz Nigeria is a joint-venture insurer (Sanlam Group and Allianz) operating life and general insurance for individual and corporate customers in Nigeria, distributing through 3,000+ advisors, 66+ branches, mobile app, USSD, and Spar retail partnerships.

Ownership category

akta.pro rank

Product category

Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Insurance Carriers (5241), Insurance Carriers and Related Activities (524)

SIC

Life Insurance (6311), Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Commercial General Liability (CGL) (FSAJADAA)

akta.pro secondary industries

General Liability Insurance (FSAJAMAE), Large Commercial Package (National Accounts) (FSAJAFAC)

Keywords

• Life insurance
• General insurance
• Corporate insurance
• Retail insurance
• Annuity products

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Life Insurance Premiums: Collection of premiums from life insurance products including group life, credit life, keyman insurance, and retail life/savings products
2. General Insurance Premiums: Collection of premiums from general insurance products including motor, travel, home, marine, liability, cyber liability, and commercial vehicle insurance
3. Annuity Payments: Retirement annuity products providing regular income payments to policyholders
4. Claims Processing: Payment of claims to policyholders for insured risks - N77 billion paid in FY 2025

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

SanlamAllianz Nigeria is a joint-venture insurance company operating through two subsidiaries — SanlamAllianz Life Insurance Nigeria Ltd. and SanlamAllianz General Insurance Nigeria Ltd. It underwrites and distributes life insurance (retail savings, education, retirement, family protection, group life, credit life, keyman) and general insurance (motor, travel, personal accident, home, marine, liability, cyber liability, commercial vehicle, commercial property) products to individual and corporate customers in Nigeria.

Product overview

SanlamAllianz Nigeria is an insurance and financial services company formed from the merger of Sanlam and Allianz operations in Nigeria. The company operates as two subsidiaries: SanlamAllianz Life Insurance Nigeria Ltd (providing life insurance) and SanlamAllianz General Insurance Nigeria Ltd (providing non-life insurance). The product portfolio includes retail and corporate life insurance products (Family Love Plan, FlexiEdu, FlexiCash, FlexiSave, Personal Retirement Plan, SabiSavers, SavingsPlus, Family Shield, Smart Protection, and Guaranteed Lifetime Retirement Income), corporate life insurance (Group Life, Credit Life, Keyman Insurance), retail general insurance (Motor, Travel, Personal Accident, Home), and corporate general insurance (Marine, General Liability, Commercial Property, Cyber Liability, Commercial Vehicle). The company also offers an innovative USSD-based service called Code of Confidence for instant motor insurance claims processing.

Differentiator

Problem solved

Functional benefit

Brands

• Family Love Plan: Funeral plan that helps policyholders honour and celebrate their loved ones
• Code of Confidence
• FlexiEdu Plan
• SabiSavers Plan
• SanlamAllianz Women’s Network (SAWN)

Products and services

• Family Love Plan A funeral plan that helps policyholders honour and celebrate their departed loved ones with dignity, providing financial security for funeral expenses.
• FlexiEdu Plan An education savings plan designed to ensure parents can fund their children's education regardless of life's uncertainties.
• FlexiEdu Plus Plan An enhanced education savings plan that provides comprehensive coverage for children's educational expenses.
• FlexiCash Plan An investment plan that allows periodic savings while providing access to lump sums at specified intervals over a given period.
• FlexiSave Plan A medium to long-term savings policy that provides policyholders with a lump sum benefit at the end of the selected duration.
• Personal Retirement Plan A deferred annuity plan that enables individuals to create their own pension pot and receive income throughout retirement.
• SabiSavers Plan A flexible savings product designed to allow policyholders to tailor the plan to their unique earning mode and savings needs with access after six months of contributions.
• SavingsPlus Plan A disciplined savings plan designed to support steady returns throughout the policy duration (minimum of 3 years) with in-built wealth acceleration at maturity and free insurance coverage of NGN1 million.
• Family Shield Plan An annual renewable plan that provides death and permanent disability coverage for family protection.
• Family Shield Plus An enhanced annual renewable protection plan with expanded death and permanent disability coverage.
• Smart Protection Plan A protection plan that provides full coverage in the event of death and total permanent disability, with a promise to pay back all premiums during the policy duration.
• Guaranteed Lifetime Retirement Income Plan An annuity plan that provides guaranteed salary for life upon retirement, enabling retirees to draw on savings throughout their retirement years.
• Group Life Insurance A life protection plan offering group members coverage against stated eventualities such as death, targeted at corporate and institutional clients.
• Credit Life Insurance A policy designed to pay outstanding debt in the event that the borrower dies, is permanently disabled, or loses their job, targeted at corporate lenders.
• Keyman Insurance A policy providing cover against financial loss a company may suffer on the death or incapacity of a key employee critical to the company's continued existence.
• Motor Insurance Comprehensive motor vehicle insurance that protects policyholders' vehicles against damage, theft, and accidents.
• Travel Insurance Travel insurance coverage provided in partnership with Allianz Global Assistance, covering travel-related risks for every destination.
• Personal Accident Insurance Plan Comprehensive coverage plan designed to secure family well-being against unforeseen accidents.
• Home Insurance Insurance coverage protecting homes, belongings, and providing peace of mind against property damage, theft, and related risks.
• Marine Insurance Coverage for goods in transit against risks like damage, theft, or accidents during local or international transportation, targeted at corporate clients.
• General Liability Insurance Policy that shields businesses from financial liabilities arising from third-party claims, targeted at corporate clients.
• Commercial Property Insurance Insurance policy covering physical business assets including buildings, equipment, and inventory, targeted at corporate clients.
• Cyber Liability Insurance Coverage protecting businesses against financial loss from cyberattacks and data breaches, targeted at corporate clients.
• Commercial Vehicle Insurance Comprehensive coverage for vehicles used for business purposes, targeted at corporate clients.

Quantifiable outcome

• N77 billion claims paid to policyholders in FY 2025
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered minor and core.

• AfricaComicademinorGTM or Marketing Partner · 5 November 2025Partnership for the inaugural Essay and Storytelling Competition targeting Nigerian teens aged 10-16 years. Competition uses gamification and storytelling to engage young people on financial literacy, with winners receiving cash prizes up to N200,000.
• AllianzcoreStrategic or Co-development Partner · 5 June 2025Global insurance powerhouse merging Nigerian operations with Sanlam to form SanlamAllianz Nigeria. The joint venture combines Sanlam's African market leadership with Allianz's global insurance expertise. Allianz Global Assistance provides travel insurance partnership for SanlamAllianz travel products.
• Nigerian Council of Registered Insurance Brokers (NCRIB)minorGTM or Marketing Partner · 1 January 2025SanlamAllianz hosted the 2025 NCRIB Empowerment Series - a flagship initiative designed to empower insurance professionals and drive industry growth, held at Insurance Brokers' House in Lagos.
• Spar Retail NigeriaminorChannel Partner/ Reseller/ Distributor · 5 August 2024In-store campaign partnership with select Spar outlets in Lagos enabling point-of-sale insurance purchases. Initiative aimed at changing the narrative of how insurance plans are purchased in Nigeria.
• High-listership Radio StationsminorGTM or Marketing Partner · 9 February 2024Radio programme debuting in January 2026 as part of financial education campaign for traders in Lagos markets. Two high listenership radio stations selected for the campaign.
• Sanlam GhanaminorStrategic or Co-development Partner · 17 October 2023Sanlam West Africa Community of Practice - knowledge exchange initiative between Sanlam Nigeria and Sanlam Ghana. Nigerian Family Love plan was inspired by Ghana product of same name, while Ghana is adapting the Nigerian Code of Confidence.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• African Prudential Plc: Listed Nigerian insurer and pensions administrator with a strong life and group life book; overlaps directly with SanlamAllianz's group life, credit life, and keyman insurance offerings for corporate clients.
• AXA Mansard Insurance: Nigerian insurance carrier offering life and general (motor, home, travel, liability) products to retail and corporate customers; one of SanlamAllianz's principal local rivals and structurally the closest competitor given similar multi-line product mix and bank-distribution ties.
• Custodian Insurance: Nigerian composite insurer (life and general) operating across retail and corporate segments with strong broker relationships; competes with SanlamAllianz in commercial property, motor, marine, and group life insurance.
• Leadway Assurance: One of Nigeria's largest privately-held insurers offering life and non-life products (motor, property, marine, liability) with a strong corporate and broker channel; competes head-on with SanlamAllianz in general insurance and group life accounts.
• AIICO Insurance: Publicly-listed Nigerian insurer with broad life, health, and general insurance offerings and a sizeable agency force; directly comparable in product breadth, retail/corporate mix, and embedded value profile to SanlamAllianz Nigeria.
• ARM Life (Asset & Resource Management): Nigerian life insurer and pensions provider offering individual life, group life, and retirement products; competes with SanlamAllianz for retail savings, education plans (FlexiEdu equivalents), and annuity business.
• Cornerstone Insurance: Nigerian multi-line insurer offering life and general insurance products (motor, fire, marine, bond, oil & gas) with Takaful (Islamic insurance) capabilities; comparable to SanlamAllianz in product breadth and target customer segments.
• Veritas Kapital Assurance: Nigerian composite insurer (life and general) with both retail and corporate offerings; comparable scale and target customer segments to SanlamAllianz, particularly in motor and commercial general liability.

Broad incumbents

• Sanlam Group: South African Pan-African financial services group and controlling shareholder of SanlamAllianz Nigeria; operates life and general insurance across 33 African countries and provides capital, product IP, and cross-border knowledge exchange (e.g., Ghana–Nigeria product transfer).
• Allianz SE: Global insurance giant and 50/50 JV partner in SanlamAllianz Nigeria; not a direct competitor but its international product IP, reinsurance capacity, and Allianz Global Assistance travel partnership directly shape SanlamAllianz Nigeria's capabilities and competitive positioning.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks3 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SanlamAllianz Nigeria