FBN Holding relinquishes Insurance stake to Sanlam

FBN Holdings Plc has finalised plans to sell all its insurance stake to Sanlam (PTY) Limited.

The Group made this disclosure in a statement filed by the firm to the Nigerian Stock Exchange.

FBN is looking to sell its majority stake of 65% to Sanlam who already owns 35% of FBN Insurance.

Explaining reasons for divesting all its shares to Sanlam, the Group told the Nigerian Bourse that it was in line with its strategic objectives.

While the Group is seeking to engage regulators on the matter, it asked that all enquiries regarding the sale be diverted to Wale Ariyibi, the Chief Financial Officer for FBN Holdings.

Sanlam Group has been associated with and has been the other shareholder of FBN Insurance Plc since it was established in 2010. Sanlam with over 100 years experience and expertise in Insurance, asset management, wealth management and investments is one of the leading Insurance companies in Africa.

FBN Insurance was founded as a life insurer in 2010 with a vision to be Nigeria’s first choice in risk underwriting, wealth preservation and financial security. Today, the company has grown to become one of the best insurance companies in Nigeria with a subsidiary that undertakes general insurance business offering a broad range of investment and risk underwriting products.

FBN Insurance is known and well respected for its quality of service, integrity, innovation and professionalism. It was awarded the ‘Best Life Insurance Company in Nigeria’ for the past four years consecutively.