Old Mutual has completed the acquisition of a majority stake in Oceanic Life, the life assurance operations of the former Oceanic Bank in Nigeria.

Financial terms of the transaction, which was originally announced in February 2012, have not been disclosed.

The acquisition is part of Old Mutual’s strategy to expand its footprint in sub-Saharan Africa, particularly in the Nigerian market.

The insurer purchased the majority stake from Ecobank which acquired the insurance operations in October 2011.

Old Mutual emerging markets business CEO Ralph Mupita said that after acquisition of majority stake, the company will remain co-operating with Ecobank to enhance its product offerings in the Nigerian market.

Under terms of the agreement, the acquired entity will change its brand name to Old Mutual Nigeria.