Dipo Olowookere
By Dipo Olowookere
A cutting-edge provider of digital financial services, Tangerine Life Insurance (formerly Metropolitan Life Insurance Nigeria Limited), has acquired the majority stake in ARM Life Insurance Plc.
Tangerine Life purchased the controlling shares of ARM Life from its parent company, ARM Holding Company Limited. The deal became effective from Friday, February 28, 2020, propelling Tangerine Life to fourth place in Nigeria’s life insurance industry.
ARM Holding, through its chief executive, Ms Jumoke Ogundare, explained that the divestment from its life insurance business was part of “our plan to refocus our business and increase our product offerings across a broad array of investment opportunities suitable to your needs.”
According to her, “The divestment also allows us to collaborate more efficiently with multiple insurance companies on product development,” stressing that, “We continue to maintain our business relationship with Tangerine Life, the new owners of ARM Life.”
Speaking on the acquisition, Managing Director of Tangerine Life, Mr Livingstone Magorimbo, stated that, “The landscape of the insurance industry is evolving very quickly.
“At Tangerine Life, we have made a decision to ensure that we are always at the forefront of innovation within the industry. As part of that innovation strategy, we have found collaboration to be a key instrument in ensuring that we build and maintain a sturdy, profitable business.”
He added that “the acquisition will provide a perfect springboard for Tangerine Life to utilize the distinct strengths that ARM Life brings to bare, thereby strengthening the insurance services provided by Tangerine Life to create and deliver better value.”
ARM Life is a leading provider of life insurance services in Nigeria, with strong focus on retail and annuity products. Given its complementary strengths, the acquisition provides Tangerine Life with a solid presence across end-users and a broad product portfolio, creating a strong foundation for future expansion.
The company is listed on the NASD OTC Exchange, a lower trading platform to the Nigerian Stock Exchange (NSE).
Business Post reports that as at close of business on Thursday, shares of the firm were traded at flat at 50 kobo per unit. The insurer closed on the exchange as the most active stock by volume and value (year-to-date) with 7.4 billion units of its stocks traded for N4.6 billion.
