Growth prospects of the Nigerian market were motivating, Ralph Mupita, the CEO of Old Mutual Emerging Markets, admitted on Thursday, as the leading African insurance firm completed the acquisition of Nigeria’s Oceanic Life Insurance.
“In particular, we are proud about the unique value proposition that we have created for our Nigerian customers. They now have a one-stop insurance solution where they can choose from a suite of long-term and general insurance product offerings,” Mupita said.
Old Mutual announced the transaction was recently allowed to go ahead by all pertinent bodies in South Africa and Nigeria.
The Nigerian Property & Casualty business will now be called by a different name and will trade as Old Mutual Nigeria after the registration process has been finished.
Johannes Gawaxab, MD of Old Mutual Africa, said this acquisition of Oceanic Life will bolster Old Mutual’s African growth.
“Oceanic General Insurance business affords us an excellent platform to better understand our customers, offer them innovative short-term products, and deliver value to both our customers and shareholders,” Gawaxab said.
