Ben Birch-Mensah, Head of Distribution, Enterprise Life Assurance Limited; Olufemi Ogundeji, Executive Director, Technica, ;Enterprise Life Assurance Limited; Funmilayo Omo, Managing Director, Enterprise Life Assurance Limited and Salman Alhaji Salman, Company Secretary & Legal. representing Bayo Ojo & Co during the reception of Enterprise Life Assurance Limited's Operating licence from NAICOM recently |
The
Nigerian National Insurance Commission (NAICOM)
has granted Enterprise Life Assurance Company (Nigeria) Limited, license to
commence operations in the country. This is after the company met the minimum
stated capital requirement of ₦8billion in February 2020.
Enterprise Life Assurance Company (Nigeria) Limited is a
member of the Enterprise Group PLC, a financial services Group with operating
companies in insurance, pensions, real estate and funeral services.
Speaking on the license acquisition, the Group’s Chief
Executive Officer, Keli Gadzekpo, said the move is in line with
the Group’s vision of expanding its business footprint beyond Ghana, into the
broader West African Sub-region. “As Africa progressively moves into
middle-income status, the importance of insurance for risk mitigation and as a
savings tool is becoming more important. Enterprise Group is positioned to play
a key role in promoting insurance for these reasons. Over the years, with the
support of our clients, we have carved a great reputation for ourselves in
service delivery and claims payment. We intend to extend our expertise and
strength throughout the West African region. So far, we have had a very
successful start with the performance of Enterprise Life in The Gambia and are
excited about the opportunity to repeat this success story in Nigeria”.
Funmilayo Abimbola Omo, Managing Director of Enterprise Life,
Nigeria expressed excitement about the opportunity to further enhance the
insurance industry in Nigeria. According to her, “Despite the enormous
opportunities that come with a burgeoning economy and a large population,
insurance penetration in Nigeria is still considerably low. We believe that the
solutions we are about to introduce will resonate well with the Nigerian public,
so that more and more people will benefit from the protection that insurance
offers. The entry of Enterprise Life is a game changer and our solutions will
change the face of insurance in Nigeria”.
About Enterprise Group
Enterprise
Group PLC is a financial services company comprising the following operating
companies; Enterprise Insurance Company, Enterprise Life Assurance Company,
Enterprise Trustees, Enterprise Properties, Enterprise Funeral Services Ghana, Enterprise Life, Gambia and the recently
licensed Enterprise Life Assurance Company, Nigeria. The roots of the company date back to 1924,
when it first started operations in Ghana.
With an asset base of approximately $288m, the Group has its
headquarters in Accra, Ghana and is listed on the Ghana Stock Exchange. Three
of the Group’s subsidiaries, namely Enterprise Insurance (the non-Life
subsidiary) Enterprise Life (the life insurance subsidiary) and Enterprise
Trustees (the pensions subsidiary) are leaders in their respective markets.
These afore-mentioned subsidiaries are also long-standing members of the Ghana
Club 100, which is the yearly official list of the top 100 companies in Ghana,
compiled by the Ghana Investment Promotion Center. In 2019, the Group’s
insurance subsidiaries wrote Gross Premiums in excess of $109m. The Life
Insurance subsidiary has about 27% market share while the Non-Life Insurance
subsidiary, which is rated AA by Global Credit Rating, controls about 15% of
its market.
The Group has a strategic partnership with Black Star
Holdings Limited, a wholly owned subsidiary of Leapfrog Strategic African
Investments , which is a separate account managed by Leapfrog Investments, and
in which Prudential Financial, Inc., USA
is the primary investor.
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