Insurer, Liberty Holdings, said it is in talks with two insurance businesses in Nigeria, and it wanted a suitable partner that was a proper fit for Liberty and its parent, Standard Bank, reports Bloomberg.
“We have gone through six. We are still in talks with two”, Stanlib CEO and Liberty head of strategy, Thabo Dloti, said on Tuesday.
If a deal is not struck in Nigeria by the end of this year, Liberty is unlikely to return the cash as a special dividend.
The company said there would be a need for cash to find growth opportunities.
Dloti said the regulator in Nigeria was not looking at issuing new insurance licences, but encouraged partnership.
“From an insurance point of view we have identified people who we think we can add value to”, Dloti said. The plan is to get a partner who is not in competition with Standard Bank.
In Nigeria, Liberty has a health business. It is in a partnership with Total Health Trust.
Liberty Retail CE Steve Braudo said the company was studying the Nigerian market and had discovered that people in the West African country did not AUGIElike death benefits but preferred solutions that offered investment opportunities.