LIFE AND NON-LIFE INSURANCE SECTORS : Afrigroup Holding Expands Its Horizon with Two New Insurance Companies

(LVDE) – The parent company of CCA-Bank has recently obtained approval from the Inter-African Conference on Insurance Markets (CIMA) to launch two insurance companies, further strengthening its position in Cameroon’s rapidly evolving market.

Afrigroup Holding, led by Cameroonian businessman Albert Nkemla, has taken a new step in its diversification strategy. After consolidating its presence in banking, healthcare, and real estate, the group has now received CIMA’s authorization to establish two insurance companies—one specializing in life insurance and the other in non-life insurance. The decision, announced during a meeting in Abidjan, Côte d’Ivoire, marks a significant milestone for the group in a sector undergoing major transformation in Cameroon.

Cameroon’s insurance industry is dominated by a few players who control more than half of the market share. With Afrigroup’s entry, the competitive landscape is expected to shift. The two new companies, fully owned by the group, aim to provide insurance solutions that meet the growing needs of local consumers. Non-life insurance, in particular, which covers financial losses from property damage or third-party liability, is especially critical in the country’s fast-changing economic environment.

Arnold Nkemla Sugewe, Chief Administrative and Financial Officer of CCA-Bank, led the delegation that presented the project to CIMA. He was joined by Esther Tiako, former Managing Director of Nsia Assurances S.A Cameroon, who is expected to chair the boards of directors of the two new entities, as well as Norbert Ngniwake, former Managing Director of Atlantique Assurance, who may take on a key role in operations. According to sources close to the matter, the trio is currently in discussions with the National Insurance Directorate at the Ministry of Finance to secure the required national licenses, which appear to be forthcoming.

This initiative is part of Afrigroup’s broader expansion strategy. Already well established in diverse sectors ranging from banking to healthcare, furniture, and security, the group continues to grow. With its majority stake of 58.5% in CCA-Bank, Afrigroup has demonstrated its ability to adapt to market challenges. Beyond the Central African Economic and Monetary Community (CEMAC), the group also plans to open new banking subsidiaries in West Africa, further strengthening its leadership position on the continent.

However, Afrigroup is entering a highly competitive insurance market. According to the Association of Insurance Companies of Cameroon (ASAC), by the end of 2024, five out of the 17 companies in the non-life segment accounted for more than 52% of total revenue. Axa Cameroon leads with a turnover of CFAF 23.1 billion, representing 12.44% of the market, followed by Saar, Chanas, Activa, and Sanlam, each holding significant shares. The arrival of CCA-Bank in the insurance sector could therefore reshape market dynamics, provided it develops a differentiated offering that meets consumer expectations.

The creation of these two new insurance companies by Afrigroup Holding represents not only a diversification of its activities but also a strategic response to a market in transition. By positioning itself in both life and non-life segments, the group aims not only to increase its market share but also to enrich Cameroon’s financial ecosystem with products tailored to the varied needs of policyholders. This move is designed to enhance Afrigroup’s competitiveness and capitalize on opportunities in a rapidly evolving sector.

Esther Grace