FBN Life has purchased a 71.2% equity stake in the Nigerian Stock Exchange-listed general insurance company, Oasis Insurance, for an undisclosed sum.
The acquisition is part of a strategy of FBN Life owners’ Sanlam and FBN Holdings, to gain entry into Nigeria’s short-term insurance sector.
Apart from providing an entry point into the general insurance sector of the Nigerian insurance industry, the takeover will enable FBN Life to boost its products and services leveraging the network of FirstBank and FBN Life’s existing distribution infrastructure.
The acquired business mainly focuses on motor and fire insurance, although; it also offers general accident and oil/gas insurance, marine, engineering, bond and aviation insurance.
Sanlam Emerging Markets CEO Heinie Werth said, "The acquisition of the majority stake in Oasis complements our existing life insurance interest in Nigeria and will provide a more diversified financial services offering to FBN Life’s existing client base.
"This transaction is another highlight of our progress in finding value-accretive opportunities in emerging markets and we look forward to enhancing our mutually beneficial relationship with the FirstBank Group."