Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the health-check domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/naijhgpk/public_html/wp-includes/functions.php on line 6131 We believe in the Nigerian project – MD, Old Mutual Life Assurance – NaijaBreezeNews
By Feyishayo
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 maximizing the opportunities in the country’s insurance space. L-R: Funke Sanni, Head, Life Agency; Olusegun Omosehin, Managing Director, Life Assurance; Alero Ladipo, Executive Head, Marketing and Customer Experience, Olalekan Oyinlade, Managing Director, General Insurance, all of Old Mutual Nigeria, during a media meet to reiterate the company’s commitment to Nigeria’s insurance market at his office in Lagos
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 N8bn by September 30, 2021, while General Insurers were
required to meet a N10bn capital base with composite insurers requiring an
N18bn 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 is confirmation of Old
Mutual’s ongoing commitment to Nigeria’s financial sector and the Nigerian
economy in general.
“Having been in Nigeria for some years, Old Mutual is committed to playing an
active, leading role in a revitalized Nigerian insurance industry. We are reshaping
our business to truly reflect our brand in a market whose immense potential has
still to be realized. 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”.
Also commenting, Mr. Olusegun Omosehin, the Managing Director, Life
Assurance, Old Mutual Nigeria, said; “We are excited about the next decade of
growth and innovation in Nigeria because we believe in the prospect of the
insurance sector, especially with the various reforms and imminent introduction of
the micro-insurance market through technology. This has inspired and
accelerated our efforts to simplify and digitalise our end-to-end customer
experience, making it more personalised and targeted, tech-enabled, fast,
simple and responsive”.
In his remark, Mr. Olalekan Oyinlade, Managing Director, General Insurance, Old
Mutual Nigeria, stated; “Insuring risks for businesses and industries is the most
assuring tool for businesses to operate in today’s world of socio-economic
uncertainties and the vagaries of the global financial climate. Therefore, it is
sacrosanct that insurers consistently project a superior financial position to fulfil
their role of restitution in moments of crisis. Old Mutual’s fulfilment of Nigeria’s
insurance regulatory capital requirements demonstrates our firm commitment to
our existing and prospective policyholders that our ability to manage their risks is
