Lagos, Nigeria: Friday, 29 June, 2018 – Old Mutual General Insurance Company and Old
Mutual Nigeria Life Assurance Company, subsidiaries of the pan-African Insurance giant
and leading global financial services group, Old Mutual Limited, is pleased to announce
an Bancassurance partnership with Ecobank Nigeria, a subsidiary of Ecobank
Transnational Incorporated, the leading pan-African bank, to offer insurance products
and services to existing and prospective customers in Nigeria.
The collaboration, known as the Bancassurance Referral Model, offers Old Mutual an
extensive outlet to offer life and general insurance products to Nigerians across 62
Ecobank branches in Lagos, Port Harcourt, Abuja and Ibadan. The Bancassurance
partnership is expected to be extended to 200 branches across Nigeria by 2019. The
partnership which commenced on 4th June 2018 enjoys the approval of the related
industry regulators, the National Insurance Commission (NAICOM) and the Central Bank
of Nigeria (CBN) for the sale of insurance products in banks through the Bancassurance
Referral Model.
The Old Mutual-Ecobank Bancassurance Partnership already exists across eight African
countries with Nigeria projected to be the most robust in reach and
spread. Commenting, the Managing Director, Old Mutual Nigeria Life Assurance
Company, Mr. Keith Alford said: “Having been in partnership with Ecobank on other fronts
of our business over the years, this Bancassurance partnership further strengthens the
capacity of both financial institutions to offer multiple access points for our various
products and services to customers across Nigeria and indeed Africa. This is very unique
and strategic. Through this partnership, Old Mutual will leverage on Ecobank’s existing
customer base, and wide distribution to promote financial inclusion and insurance
penetration whilst pushing our brand offerings to customers of Ecobank”.
“Customers and corporates with multiple footprint across African markets now have a
one stop shop for all their Bancassurance services within the continent. With Old Mutual
and Ecobank’s exemplary track record and extensive years of experience in providing
financial and insurance services, customers are empowered to do more with increased
access to insurance solutions”, he said.
Also commenting, the Executive Director, Consumer Banking, Ecobank Nigeria, Mrs Carol
Oyedeji stated: “We are delighted to be consolidating our longstanding partnership with
Old Mutual in Nigeria. It is an alliance of brands whose pan-African agenda and
customer delivery objectives align perfectly. This strategic partnership is one of the ways
Ecobank Nigeria aims to create a one-stop hub for robust financial services offerings. Our
customers in Nigeria like others in selected markets on the continent now have the
advantage of accessing our excellent banking services and Old Mutual’s insurance
expertise under one roof. It is also an opportunity for value creation for our shareholders
as the bank is in a position to earn Non-Interest Revenue (NIR) from the commission that
accrues from Bancassurance transactions. This is indeed a partnership with multiple
stakeholder benefits”.
Old Mutual General Insurance Company and Old Mutual Nigeria Life Assurance
Company are part of Old Mutual Limited which provides life assurance, wealth and
investments, personal finance and general insurance services to more than 12 million
customers in 17 countries across Africa, Asia and Latin America.
Having acquired the majority stake in Oceanic Life Assurance Company, Old Mutual has
been operating in Nigeria since March 2013. In January 2014, Old Mutual also acquired
a majority stake in Oceanic General Insurance Limited thereby offering both life and
general insurance solutions tailored to meet unique individual and corporate client’s
needs.