African Alliance Insurance has assured policyholders of sound solvency, prompt claims settlement and improved corporate governance following its return to full business operations after a regulatory-led restructuring by the National Insurance Commission (NAICOM).

The assurance came as the life insurer formally resumed operations under a new board and management, bringing to a close a regulatory intervention that began in October 2024 to stabilise the company’s finances, clear outstanding obligations, and restore confidence in the insurer.

Speaking on the development, the Managing Director of African Alliance Insurance, Ayobami Olakunle Ogunkeye, said the company has emerged stronger with enhanced governance structures, improved liquidity and a renewed commitment to protecting policyholders’ interests.

“Our focus is to rebuild confidence through sound solvency management and prompt claims settlement. Our focus is to rebuild confidence through sound solvency management, prompt claims settlement, prudent underwriting and greater transparency. We have learnt valuable lessons from the intervention and are committed to operating a stronger, more resilient institution that delivers value to policyholders and other stakeholders,” Ogunkeye said.

He noted that the company has implemented far-reaching reforms covering governance, enterprise risk management, financial controls and operational processes to ensure long-term sustainability.

According to him, the insurer is entering a new phase of growth with stronger internal controls and a customer-centric strategy designed to restore its position in Nigeria’s life insurance market.