Old Mutual Life Assurance and General Insurance, the Nigerian subsidiaries of Old Mutual Limited (OML), Africa’s leading premium financial services group, has reiterated its commitment to the Nigerian market with intent to maximising the opportunities in the country’s insurance space.
The insurer, which also hinted about meeting the industry recapitalisation requirements set by the National Insurance Commission (NAICOM), the Nigerian insurance regulatory body, says it plans to drive insurance penetration in the country on the back of digital and tech innovations.
In 2019, NAICOM revised the guidelines for Life Insurance providers requiring a minimum capital of N8 billion by September 30, 2021, while General Insurers were required to meet a N10 billion capital base with composite insurers requiring an N18 billion capital base.
Both Old Mutual’s Life and General businesses have achieved these minimum requirements ahead of the timeline, reflecting their commitment to the insurance industry in Nigeria.
Commenting on the company’s milestone, the Group Chief Executive Officer of Old Mutual West Africa, Mr. Samuel Ogbu, said the step was a confirmation of Old Mutual’s ongoing commitment to Nigeria’s financial sector and the Nigerian economy in general.
According to him, “having been in Nigeria for some years, Old Mutual is committed to playing an active, leading role in a revitalised Nigerian insurance industry.
We are reshaping our business to truly reflect our brand in a market whose immense potential has still to be realised.
“We believe we have an important part to play in bringing better value and an enhanced experience to the Nigerian insurance and financial services consumer.
“With an enviable legacy value creation and service over 176 years and across many countries, Old Mutual has been a “certain friend in uncertain times” to individuals, businesses, and communities over generations through wars, pandemics, economic depression and political upheavals.
“We want to put the benefit of that accumulated experience and proven resilience to the service of Nigerian consumers.”