The recent acquisition of African Alliance Insurance Company Limited by Universal Insurance Plc has turned around the fortunes of the company, even as it continues to make giant strides in boosting the performance of the life insurance market in Nigeria.

Managing Director, African Alliance Company Limited, Alphonsus Okpor, disclosed this while fielding questions from journalists on the post-acquisition status of the leading life insurance company.

Okpor explained that the injection of fresh funds, new strategies and outstanding strategic leadership styles introduced by the new stakeholders have enhanced the performance of the company. According to him, the company has since been experiencing enhanced patronage and expertise, which have turned around its processes and performance positively. "I must say that African Alliance has been turned around in all aspects of our operations. The new tempo we are witnessing now has transformed our performance and service delivery platforms, while the influx of tested professionals have boosted out product research/development, asset management, financial advisory and ICT departments," he said.

Okpor said as part of efforts to grow the life insurance market in Nigeria, African Alliance Insurance Company Limited is in the process of implementing micro insurance option, a new marketing strategy that is currently boosting sales of life business in Kenya, South Africa and India.

Microinsurance is a term used to refer to insurance characterised by low premium and low coverage limits, sold as part of typical risk-pooling and marketing arrangements, and designed to service low-income people and businesses not served by typical social or commercial insurance schemes. He added that the company has already lined up topflight local and offshore training programmes to prepare its workforce on the new business model and the consequent challenge of making Nigerians see how life insurance can serve as a tool for preparing adequately for the future, growing long-term funds and ensuring fast-paced development.

According to Okpor, the research and development team of the company is constantly engaged in efforts aimed at generating products that will reflect the needs of Nigerians and develop models for replicating its success in regional and international markets. "The success of African Alliance is based on the fact that its numerous customers have alternative range of products that meets their specific and group needs. We have brought happiness to many homes by prompt settlement of claims and that is why we jealously guard our already established reputation. Everywhere in the world, Life insurance is providing the backbone for development, we are committed to ensuring that this happens in Nigeria," he added.

In a chat with journalists, Chairman of the company, Mr. Cyril Ajagu said that African Alliance is determined to change the face of life insurance market in Nigeria, by ensuring that every adult takes at least one life insurance policy. He noted that life insurance should not be for the rich alone, but for every one who has dependants and plans for a fulfilling and rewarding future. "We are developing various client-specific life insurance products that will bring total solutions to the insurance needs of all Nigerians. We have since started implementing a new strategy that would enable African Alliance benchmark global standard in the provision of life insurance services to clients within and out side the continent of Africa," he added.

African Alliance Insurance Company started operations in 1960, and has a capital base in excess of N2 billion with a network of over 30 branches nation-wide. As a specialist office, the company transacts only life and pension business. With a rapidly growing life fund in excess of N1.2 billion, the company in 2006 posted a premium income of N780 million and paid out total claims worth N467 million.

The company is managed by a team of dedicated and dynamic professionals and backed by expertise of the Munich Reinsurance Company of Africa Group who is its technical partners.