Tangerine Life acquires majority stake in ARM Life Insurance plc
Tangerine Life Insurance Limited, (formerly known as Metropolitan Life Insurance Nigeria Limited), today announced the acquisition of a majority stake in ARM Life Insurance PLC. This acquisition, which takes effect from Monday, 2nd March 2020, places Tangerine Life as the 4th largest life insurance provider in Nigeria.
Speaking on the acquisition, Livingstone Magorimbo, Managing Director at Tangerine Life said, “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 Insurance PLC is a leading provider of Life Insurance services in Nigeria, with strong focus on Retail and Annuity based products. As members of the ARM Group, the company utilized the group’s global network to create a robust portfolio of clients under management.
“Innovation is paramount in ensuring customer satisfaction in today’s business landscape and we are keen to ensure that our customers receive the best at all touchpoints. We believe that this acquisition will ensure exceptional value creation for our customers and partners alike” said, Stephen Alangbo, Managing Director at ARM Life Plc.
Presenting strong opportunities for value creation in the insurance industry, the aim of this acquisition is to combine the strengths of industry doyens, Tangerine Life and ARM Life. This collaboration will place Tangerine Life firmly as the 4th largest life insurance business in the Nigerian market in terms of revenue.