(Ecofin Agency) - Tangerine Life Insurance, which provides digital financial and insurance solutions in Nigeria, has acquired a majority stake in the capital of ARM Life Insurance Plc, a life insurance firm operation in the Nigerian market. The amount invested in this transaction was not disclosed.

“The acquisition will provide a perfect springboard for Tangerine Life to utilize the distinct strengths that ARM Life brings to bare, thereby strengthening the insurance services provided by Tangerine Life to create and deliver better value,” said Livingstone Magorimbo, Managing Director of Tangerine.

Prior to this transaction, ARM Life Insurance Plc was majority owned by the Nigerian investment company, ARM Traditional Asset Management (75.16% of share). At the end of the fourth quarter of 2019, ARM Life Insurance reported an after-tax profit of N1 billion compared to N725.7 million for the same period in 2018.

Chamberline Moko