Ivorian Insurer NSIA acquires three of Sanlam’s subsidiaries, including Togo’s

NSIA – the Ivorian Insurer – has acquired four Sanlam subsidiaries, including its Life Insurance unit in Togo. The three others are Sanlam’s Life Insurance unit in Gabon, Non-Life Insurance in Congo, and Non-Life in Guinea, a statement read.

“For 26 years, the NSIA Group has been undertaking a controlled development strategy for its activities. This has enabled us to establish ourselves in each of the countries where we operate. Today, we are strengthening our presence in Togo, Gabon, Congo and Guinea. For all our stakeholders, this operation heralds promising prospects,” said Jean Kacou Diagou, Chairman, CEO, and founder of the NSIA Group.

At the same time it is expanding in some countries, NSIA sells its life and non-life insurance units in Mali to the South African Sanlam (formerly Saham in Togo).

Despite selling part of its activities in Togo, Sanlam claims that Lomé will remain at the heart of its development strategy. “Sanlam will continue to deploy its multinational and pan-African strategies through its platforms in Casablanca and Lomé. They will continue the usual coordination and management of our programs via our SPA network or through partnership agreements,” said the group.

Sanlam Togo, let’s recall, was initially controlled by the Moroccan Saham, before passing under South African control. The transfer from Saham to Sanlam was finalized in 2018, for more than $1 billion. Subsequently, the brand’s identity was changed last May.

Source; Ecofin Agency