UK-domiciled insurer Old Mutual is to take its
first step into West Africa through the acquisition of Nigerian
insurer Oceanic Life from Nigerian bank Oceanic Bank Group.

No financial details of the transaction have
been released. Commenting on the deal, Old Mutual Africa MD
Johannes Gawaxab said that exploiting the opportunity that Nigeria
and the broader West African region presents makes sound business
sense and will form part of Old Mutual’s strategy of expanding its
presence in sub-Saharan Africa.

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A potentially massive life insurance market,
Nigeria has a population of 158m and a GDP of some $250bn.

But the country’s life industry is currently
minute, having generated total premium income of a mere $188m in
2010, according to Swiss Re.

Oceanic Life was acquired in October 2011 by
(ETI), a Nigerian-based bank, through its acquisition of Oceanic
Bank Group. Old Mutual said it will partner with ETI which has
operations in 30 African countries.

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