KAMPALA, Uganda - NIKO Insurance, a general insurer in Uganda, announced last week it rebranded to Sanlam General Insurance when Sanlam, a South African based financial services group became the Majority shareholder in NIKO.
“We look forward to using this opportunity to strengthen our business relations with our clients, partners and associates and to further entrench the Sanlam way of doing business to a wider range of clients,” Gary Corbit, the Chief Executive Officer, Sanlam General Insurance said, in a news conference.
He said the rebranding will give clients the added comfort and security of doing business with the company that is well known in many African markets as a leader in general insurance, wealth creation, management and protection. Sanlam is a respected financial services group with footprint in 12 African countries outside South Africa, as well as in India, Malaysia, the USA, UK and Australia.
Sanlam General Insurance started operations in Uganda in 2004 as NIKO and offers a broad range of general insurance products for both personal and corporate clients. Gary said, for clients, shareholders, brokers and employees, the rebranding will enhance the existing benefits of the company’s partnership with Sanlam, giving access to the larger group’s financial strength, technical expertise and brand equity. It will also enable the insurer to offer more innovative and accessible products to additional segments of the Uganda population.
Sanlam holds 84% stake in NIKO Insurance, (79% direct and 5% indirect via NIKO Holdings) through its subsidiary, Sanlam Emerging Markets which is responsible for Sanlam’s financial business services in emerging markets outside South Africa.
Gary said the rebranding is in line with Sanlam Group’s focus on strengthening its identity and expanding its visibility on the continent in general and East Africa in particular. In neighbouring Tanzania, leading life assurer, Sanlam Life Insurance, formerly African Life launched its new Sanlam branding in August. Sanlam also has businesses in Kenya and Rwanda.
Sanlam Life Insurance in Uganda has also announced thay it will undergo a brand refresh including a rejuvenated logo to align with the mother brand and its sister company Sanlam General Insurance. Sanlam Life Insurance started operations in Uganda during 200 and is wholly owned by Sanlam.
Sanlam Insurance holds 16.7% market share of life business in Uganda, with the largest individual life book in the industry in terms of lives assured (over 18,000) and tens of thousands under group, credit life and medical schemes. Gross premiums in the last financial year totalled over $4.95 million and the company has won several awards, including Best Informed Insurere in 2015 and Life Agent of the Year 2014.
Since 1918, Sanlam has been a prominent part of the South African business landscape. The Sanlam Group has a direct presence in 11 African countries, India, Malaysia and with niche businesses in certain developed markets. The Group is a diversified financial services business with assets under management of more than $65.83 billion ‘We have the largest Pan African footprint of insurance groups based on number of countries and contribution to the overall consolidated Group’.
By Sam Okwakol, Sunday, September 27th, 2015