SanlamAllianz Nigeria, comprising SanlamAllianz Life Insurance and its subsidiary, SanlamAllianz General Insurance, paid out N77 billion in claims in the 2025 financial year, reaffirming its financial strength and commitment to policyholders amid macroeconomic pressures.
The performance underscores the company’s role as a reliable risk partner and reflects the strength of the Sanlam Allianz joint venture, which combines African market leadership with global insurance expertise.
According to the unaudited figures, the Life business recorded net claims incurred of N57.06 billion in FY 2025, compared to N51.04 billion in FY 2024, representing an 11.8 percent year-on-year increase.
The increase reflects elevated claims costs driven by Nigeria’s 2025 macroeconomic environment, including inflationary pressures impacting benefit payouts and medical-related claims across the industry.
Despite this, the life business delivered strong top-line growth, with Gross Written Premium (GWP) rising to N81.39 billion in 2025, up from N60.86 billion in 2024, a significant 33.7 percent year-on-year increase.
Commenting on the results, Tunde Mimiko, chief executive officer, Life Business, said: “Our unaudited 2025 results reflect disciplined growth and an unwavering commitment to our policyholders.”
“In a year defined by economic pressure, we honoured our obligations promptly and responsibly. The strong premium growth demonstrates increasing trust in our Life solutions and confidence in the SanlamAllianz value proposition. Our focus remains on protecting families and businesses so they can truly live with confidence.”
The General Insurance business, on the other hand, according to its unaudited results, paid N20.9 billion in claims in 2025, compared to N13.97 billion in 2024, marking a 47.6 percent year-on-year increase in claims settlement.
Gross Written Premium for the General business stood at N47.05 billion in 2025, reflecting sustained underwriting capacity and expansion across corporate and retail portfolios.
Jacqueline Agweh, chief executive officer, General Insurance Business, stated: “The true measure of an insurance company is its ability to pay claims efficiently and transparently. Our unaudited 2025 performance demonstrates operational strength and financial resilience. As part of the SanlamAllianz joint venture, we leverage global underwriting standards, strong capital backing, and deep local expertise to ensure individuals and businesses remain protected against uncertainty.”
SanlamAllianz Nigeria operates under a strategic joint venture between Sanlam, Africa’s largest non-banking financial services group, and Allianz, one of the world’s leading global insurers. The alliance combines global risk management expertise, strong capital and governance frameworks, advanced technical underwriting capabilities, and deep local market understanding
The company’s claims record reinforces its brand promise, “Live with Confidence.” By honouring over N77 billion in claims in 2025 alone, SanlamAllianz continues to provide financial security, stability, and peace of mind to individuals, families, and businesses across Nigeria.
Formed as a merger of Sanlam, Africa’s biggest non-banking financial services firm and Allianz, easily the world’s most recognizable insurance brand in a JV across 28 countries on the continent, SanlamAllianz has become the clear leader in the non-banking financial services industry in Africa with strong commitments to be top two in every market in which they operate. Consummated in Nigeria as SanlamAllianz Nigeria in June 2025, the brand immediately embarked on a rebrand campaign, which saw it dominate headlines to the delight of industry watchers.
