Old Mutual insurance group, comprising of Old Mutual Life Assurance and General Insurance, has said they are committed to the Nigerian market with intention of maximising the opportunities in the country’s insurance space.
The global insurers also said that they have met the industry’s recapitalisation requirements set by the regulatory body, the National Insurance Commission (NAICOM), adding that their plan was to drive insurance penetration in the country leveraging on the digital and technological innovations.
NAICOM had two years back, precisely in 2019, effected an upward review of insurance Operators in Nigeria stating that Life Insurers should provide a minimum capital of N8 billion by September 30, 2021, while General Insurers were required to meet a N10 billion capital base with composite insurers requiring N18 billion capital base.
Since then many insurance companies have been put on their toes to meet the new capital regime even after its suspension by the court.
At a recent press briefing in Lagos, Managers of both Old Mutual Life and General businesses said they have achieved these minimum requirements ahead of the timeline, adding that this was a reflection of their commitment to the insurance industry in Nigeria.
Commenting on the company’s performance in this regard, the Group Chief Executive Officer of Old Mutual West Africa, Samuel Ogbu, said the step was a 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 revitalised Nigerian insurance industry. We are reshaping our business to truly reflect our brand in a market whose immense potential has still to be realised.
“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, the Managing Director, Old Mutual Life Assurance, Olusegun Omosehin, 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, the Managing Director, General Insurance, Old Mutual Nigeria, Olalekan Oyinlade, 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 an unshaken priority.
Old Mutual Nigeria Life Assurance Company and Old Mutual General Insurance Company are members of the Old Mutual Limited Group.
The Group was established in Cape Town in 1845 as South Africa’s first mutual life insurance company, offering financial security in uncertainty
