Old Mutual Nigeria has finalized the sale of its life and general insurance businesses to the Emple Group, pending regulatory approval. The transaction, whose financial details remain undisclosed, follows a comprehensive strategic review of the businesses to assess both immediate and long-term prospects.
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Samuel Ogbu, CEO of Old Mutual West Africa Group, expressed that the decision to sell stemmed from the optimization of capital management. Since its establishment in Nigeria in 2013, Old Mutual aimed to establish itself as a leading financial services provider in the market. However, after strategic investments to maintain competitiveness, the company opted to divest its insurance businesses.
As part of the agreement, the Emple Group will present a clear transition plan, ensuring continuity with the existing team. Ogbu assured stakeholders that policies and relationships with customers would remain unaffected during the transition, emphasizing a commitment to continued excellent service.
Despite the divestment, Old Mutual reaffirmed its commitment to Nigeria through its investment arm, Africa Infrastructure Investment Managers (AIIM). The company sees significant potential in infrastructure investments, particularly in renewable energy, midstream gas, and digital infrastructure sectors.
Ogbu emphasized Old Mutual’s long-term view on the African continent, highlighting sustainability and responsible growth as key priorities. He expressed gratitude to stakeholders and the National Insurance Commission for their support, expressing confidence in the Emple Group’s ability to carry forward the legacy built by Old Mutual in Nigeria.
The Emple Group, managed by Nigerian investors, emerges as the new custodian of Old Mutual’s former insurance businesses, signaling a shift in ownership within the Nigerian insurance landscape.
