By Aduragbemi Omiyale
The merger between Tangerine Life Insurance Limited and ARM Life Plc has been concluded, with the new entity posed to become a formidable force in the insurance sector.
Tangerine Life Insurance, located in the Obanikoro area of Lagos State, used to be known as Metropolitan Life Insurance Nigeria Limited. The firm offers various insurance products to meet the demands of its clients.
But in order to build a stronger, broader insurance and financial services platform, both parties, which have their respective market strength, decided to become one.
Business Post reports that Tangerine Life has a very strong presence in the corporate market segment of the underwriting industry, while ARM Life is a formidable force in the retail and annuity-based service space.
It was gathered that with the acquisition of ARM Life, Tangerine Life has cemented itself as the fourth largest life insurer in Nigeria, allowing it to offer insurance services to the youth and others.
Recall that in February 2020, the merger was announced and since then, both organisations have been exploring each other’s strengths and pulling together to form an impressive new enterprise which will delight its customers with its quality products and commitment to their satisfaction.
“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 push the cutting edge, innovate and drive positive change within the insurance industry and position ourselves to stay above the wave of the next revolution,” the Managing Director of Tangerine Life, Mr Livingstone Magorimbo, stated.
On his part, the Managing Director of ARM Life, Mr Stephen Alangbo, noted that, “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 our existing and new customers and partners alike.”
ARM Life is one of the companies trading its shares at the unlisted securities market, NASD over-the-counter Securities Exchange.