First announced a year ago, the deal involves the acquisition of 99.03% of Ensure from its core shareholder, London-based insurance investment company Greenoaks Global.
Financial details were not disclosed.
The acquisition follows Prudential entering the Nigerian market in July 2017 with its purchase of Zenith Life.
Attractive market
Allianz Group said it views Nigeria as a high-potential market in Africa with a strong regulatory environment and promising demographics.
Ensure offers life and non-life insurance and generated gross premiums of €18.2m (£16.1m, $21.2m) in 2017. This compares with €11m the previous year, according to an earlier announcement from Allianz.
It provides “simple, accessible, relevant and affordable products to the retail segment of the industry”, according to the Allianz statement.
Local expertise
Coenraad Vrolijk, regional chief executive of Allianz Africa, said: “We are pleased to enter this fast-growing market through the acquisition of a solid financial player with strong local expertise.
“This new step of development will allow us to leverage the strength of the Allianz Group and the expertise of the Nigerian team to provide high-quality products and services to Nigerian customers in both personal and commercial lines.”
