African Alliance Insurance Plc was incorporated as a Private Limited Liability Company on May 6th 1960 and was the first Indigenous Insurance to carry out the business of Life Assurance in Nigeria.
The Company was originally set up in partnership with Munich Reinsurance Company of Germany, the largest Reinsurance Company in the world. Munich – Re still provides technical support to the Company on a need basis.
In 2005, African Alliance became the first licensed Takaful (Islamic Insurance) Operator in Nigeria – a concept borne of the desire to satisfy the needs of the Muslim Ummah in Nigeria through a robust selection of Sharia – compliant insurance and investment products based on the concepts of “Al-Mudarabah” and “Al-Tabarru”.
Also in 2005 African Alliance Insurance (then still a Limited Liability Company) in a Joint Venture with First Securities Discount House Limited (“FSDH”) set up Pensions Alliance Limited (“PAL”), a licensed Pension Fund Administrator.
In 2009, African Alliance was listed on the Nigerian Stock Exchange; thus becoming known as African Alliance Insurance Plc.
Following its’ successful recapitalization in 2007, African Alliance currently has a Shareholders’ Fund of about N 5.27bn, while the Company’s Gross Premium Income and Asset Base currently stand at about N 10.07bn and N 23.12bn respectively (figures as at December 2014 – unaudited).
African Alliance has 100% equity in Axiom Air Limited, a Cargo Airline Company, Frenchies Foods (Nigeria) Limited, a Restaurant and Catering Services Company and 96% equity in Ghana Life Insurance Company Limited.
Our marketing efforts are co-ordinated through a network of 16 Branch Offices manned by experienced managers and highly motivated sales personnel for effective field coverage of the entire Country.
The core competencies of the Company are a creative combination of Protection (Term Assurance and Group Life), Savings and Investment Products and over the years, African Alliance has established a solid reputation for excellent customer service and prompt claims settlement.