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Old Mutual expresses commitment to Nigerian insurance market


Old Mutual Limited, a pan-African insurer and global financial services group, has expressed its commitment to the Nigerian insurance market.

In a statement, the group said this while celebrating its 174th anniversary of providing insurance, savings, investment, lending and banking solutions to over 11.3 million customers in 13 African countries and China.

In commemoration of the anniversary, the Nigerian subsidiaries, Old Mutual General Insurance Company Nigeria Limited and Old Mutual Nigeria Life Assurance Company, hosted a diversity day ceremony with the theme, ‘Empowering Africa: The time is now to do great things’, at its corporate head office in Victoria Island, Lagos.

The ceremony was aimed at celebrating Old Mutual’s deep African roots and its commitment to championing financial inclusion, education and prosperity in Nigeria and on the continent.

“Old Mutual began operations in Cape Town in 1845 and now offers life protection, general insurance, savings, investments, lending and banking solutions to 11.3 million in 13 African countries and China,” it stated.

Old Mutual stated that it had been operating in Nigeria since March 2013, having acquired the majority stake in Oceanic Life Assurance Company.

“Having had a long-standing commitment to making positive impact in the communities and countries where we operate, we know that the Old Mutual brand is trusted for its strong track record of championing a positive and rewarding future, and we intend to deepen and demonstrate these values for more decades to come.

“Today, our operations in Nigeria have been strengthened by strategic partnerships positioning us to serve the market with tailored and innovative insurance solutions.”

In January 2014, it added, Old Mutual also acquired a majority stake in Oceanic General Insurance Limited, thereby offering both life and general insurance solutions tailored to meet unique individual and corporate client’s needs.

Since its entry into the Nigerian market, Old Mutual stated that it had leveraged its heritage and expertise, launching a wide range of insurance solutions tailored to meet unique needs of Nigerian’s insurable population and corporate clients.

While speaking on the anniversary celebration, the Managing Director, Old Mutual Life Assurance Company Nigeria Limited, Keith Alford, said, “The significance of this milestone anniversary is not lost on us. We understand that our customers and indeed all our stakeholders expect to draw from the wisdom, knowhow and technical capabilities that come with our longevity.

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