African Alliance Insurance Plc, with over six decades of deep-rooted heritage rooted in the life insurance sector, was founded by Chief S.L. Edu, Mr. T.A. Braithwaite, and Chief M.E.R. Okorodudu, backed by major reinsurers including Munich Reinsurance Company.
The company specializes in life insurance products and also offers niche offerings like Islamic-compliant insurance, education plans, and mortgage protection.
It got listed on the main board of the Nigerian Stock Exchange in 2009.
Financially, the insurer has witnessed notable turnarounds in recent years. Strategically, African Alliance maintains 18 branch offices across Nigeria, serving a client base of over 50,000 policyholders, and extends its reach with a subsidiary in Ghana’s life insurance market.
The company has embraced digital transformation and youth engagement, launching campaigns to rebrand and appeal to younger clients with tailored offerings.
The apex regulatory authority of Nigeria’s insurance industry, the National Insurance Commission, dismissed the board and management of African Alliance Insurance Company in 2024 while also appointing an interim board and management.
