Old Mutual acquires Oceanic Life

The South African insurer Old Mutual Insurance has acquired the Nigerian company Oceanic Life from Ecobank Transnational. The Nigerian market is highly coveted by foreign investors. Oceanic, whose assets are worth 16 million USD, is holding a market share of 1.8%.
Old Mutual is a South African conglomerate present in thirty countries. By December 31, 2011, the group posted a pre-tax operating result of 1.5 billion ZAR (185 million USD). Return on equity (ROE) made during the past year is of 14.6%.