Wednesday, February
24, 2021 07:28 PM / by Tangerine Life / Header Image
Credit: EcoGraphics
Tangerine
Life Insurance Limited, (previously known as Metropolitan Life Insurance
Nigeria Limited), has, after a meticulous process, concluded its merger with
ARM Life PLC. Tangerine is owned by Verod Capital, a leading private equity
firm investing in growth companies across Anglophone West Africa.
The
key objective of the acquisition is to build a stronger, broader insurance and
financial services platform, drawing on the strengths of both entities.
Tangerine's strength in the corporate market segment and ARM Life's broad
retail and annuity-based service offering.
Since
it was first announced in February, 2020, both organizations have embarked on a
rigorous exercise to evaluate their collective strengths and address any gaps,
towards building an impressive new enterprise focused on digital first. The new
entity will focus on impressing and satisfying customers with quality products
and a superior customer experience.
Tangerine
Life's ethos and drive is clear in the words of Livingstone Magorimbo, Managing
Director, Tangerine Life, "Integrating the businesses has presented us a
tremendous opportunity to enhance our capabilities, improve operating
efficiencies and grow our businesses.
At
Tangerine Life, we will continue to innovate, drive positive change within the
insurance industry and create tremendous value for our customers towards
effectively positioning our business to stay ahead of the next wave of industry
evolution."
The
next phase of ARM Life's rich retail and annuity heritage involves leveraging
technology to better serve all stakeholders as evident in the words of Stephen
Alangbo, (former Managing Director at ARM Life) and director at Tangerine Life "Innovation is paramount in ensuring customer satisfaction in today's business
landscape. We believe that the combination of both entities will ensure
exceptional value creation for existing and new customers and partners".
The
merger places Tangerine Life firmly as the 4th largest life insurer in Nigeria
and positions it for future growth.
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