Tangerine Life Insurance Limited (previously known as Metropolitan Life Insurance Nigeria Limited), has, 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 organisations 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.
Managing Director, Tangerine Life, Livingstone Magorimbo, said at Tangerine Life, they would continue to innovate, drive positive change within the insurance industry and create tremendous value for their customers towards effectively positioning their business to stay ahead of the next wave of industry evolution.’
Commenting, former MD of ARM Life and now a director at Tangerine Life, Stephen Alangbo, said the next phase of ARM Life’s rich retail and annuity heritage involves leveraging technology to better serve all stakeholders.
“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,” he said.
The merger places Tangerine Life as the fourth largest life insurer in Nigeria and positions it for future growth.