Tangerine Life Merges with Arm Life, transfers Annuity Business to AIICO – PensionNigeria

Tangerine Life Merges with Arm Life, transfers Annuity Business to AIICO

Tangerine Life Insurance Limited has Published a “Notice of Intention to Transfer the Annuity Business and Undertaking of Tangerine Life Insurance Limited (By Virtue of Merger with Arm Life Plc) to AIICO Insurance Plc”.

This is to inform the general public and the National Insurance Commission (“NAICOM”) that Tangerine Life Insurance Limited (“Tangerine Life” or the “Company”) intends to transfer its existing annuity business portfolio (which it acquired by virtue of its merger with ARM Life PLC) to AIICO Insurance Plc (“AIICO”).

The transfer is necessitated by an on-going strategic realignment within the Tangerine Group.

All terms and conditions will remain the same for all current annuity policyholders of the Company (the “Annuitants”) and will be applied by AIICO.

This notice is published in accordance with the provisions of the Insurance Act 2003 and is made to the public, Annuitants and the applicable regulatory authorities.

Further details of the transfer will be communicated to individual Annuitants upon final approval from the regulatory authorities.

In the interim, Annuitants may contact us (Tangerine Life) with any questions or for additional information through any of the following channels:

1. Telephone: +234 908 742 6591, +234 908 726 6300 or +234 908 726 6301 2. Email: HelloAnnuitants@tangerine.africa


a) The agreement under which the transfer is proposed to be effected shall be available for inspection without payment of any fees by Annuitants from Thursday, 28 April 2022 to Wednesday, 01 June 2022 at the principal and branch offices of Tangerine Life and AIICO, between the hours of 9.00am and 5.00pm daily, excluding weekends and public holidays.

b) Any Annuitant wishing to raise an objection to the proposed transfer can do so by giving notice in writing of such objection, sent to the registered office of the Company between the hours of 9.00am and 5.00pm daily, before the expiration of 21 days from the date of this notice.

This Notice is dated Thursday, 28″ April 2022

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