Nigeria is leading the African growth story; this exhilarating nation has been an outperformer even among fast-growing African markets. Nigeria has been posting 6 per cent real gross domestic product growth every year for the past decade, 1.2 per cent above that of sub-saharan Africa. Currently, 66 per cent of the vast Nigerian market is still underserved with vital financial services.
The Asset and Resource Management Company (ARM) is the leading non-bank financial institution in Nigeria, and the largest independent asset manager. ARM partnered with LeapFrog to expand into life insurance to complement its pensions and investment management offerings. ARM Life offered a wide range of investment and savings, risk and annuity products to Nigeria’s mushrooming employee base and mass-market. It was taken over by Tangerine Life Insurance in early 2020, to become Nigeria’s fourth-largest life insurer.
LeapFrog’s team brings significant actuarial and operational skills to bear on the development of ARMLife’s retail presence, helping diversify and grow the business. LeapFrog has worked with ARMLife to bring in new leadership talent and support across management training, as well as to improve governance, financial reporting actuarial and technical services and human capital management.
Leapfrog invested in ARM Life as part of our Financial Services portfolio, alongside the following companies who a delivering profit with purpose: