NIGERIA – Tangerine Life Insurance Limited (formerly known as Metropolitan Life Insurance Nigeria Limited) has acquired a majority stake in ARM Life Insurance Plc.

A statement from the insurance firm said the acquisition, which took effect in March, placed Tangerine Life as one of the largest life insurance providers in Nigeria.

ARM stated that the aim of the acquisition was to combine the strengths of the two industry doyens so as to present strong opportunities for value creation in the insurance industry.

Speaking on the acquisition, the Managing Director, Tangerine Life, Livingstone Magorimbo, said, “The acquisition will provide a perfect springboard for Tangerine Life to utilise the distinct strengths that ARM Life brings to bare.”

This according to Magorimbo, would strengthen the insurance services provided by Tangerine Life to create and deliver better value.

Tangerine Life MD, Magorimbo further noted that his insurance company has a decision to ensure that it is 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,” added Magorimbo.

ARM Life Insurance Plc is a leading provider of life insurance services in Nigeria, with strong focus on retail and annuity- based products, it stated.

As a member of the ARM Group, the company utilised 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 touch points,” The Managing Director at ARM Life Plc, Stephen Alangbo, stated.

“We believe that this acquisition will ensure exceptional value creation for our customers and partners alike.”