ALLIANZ expands its African business footprint

ALLIANZ Group announced a binding agreement to acquire 98% of Nigerian insurer ENSURE Insurance Plc. from its core shareholder GREENOAKS Global Holdings Ltd.

ALLIANZ Group views Africa as one of the important future growth markets and is now present in 17 countries across the region. "Nigeria, a fast growing country with a population of more than 180 million citizens, is the country with the largest GDP on the continent"", the German insurer said in a statement.

ENSURE Insurance Plc offers life and non-life insurance services and generated EUR 11 million in GWP in 2016.

Pending regulatory approvals, the transaction is expected to close end of 2017 when ENSURE Insurance Plc shall become a member of the ALLIANZ Group.

"Nigeria is one of the most dynamic economies in Africa. The acquisition of ENSURE Insurance Plc gives us full access to this key insurance market in Africa and marks a major milestone for ALLIANZ's long-term growth strategy on the continent", said Coenraad VROLIJK, Regional CEO Africa of ALLIANZ SE.

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