Sanlam, Allianz join forces to form African insurance giant
Sanlam joins forces with Allianz to create the largest Pan-African Non-Banking Financial entity In Africa
What you need to know:
- The combination means that customers across Africa will benefit from the expertise and financial strength of the two brands
Dar es Salaam. Africa’s largest insurer Sanlam has signed an agreement with Germany’s Allianz to combine their current and future operations across Africa to form the largest Pan-African entity on the continent.
The combination means that customers across Africa will benefit from the expertise and financial strength of the two brands.
“The joint venture will house the business units of both Sanlam and Allianz in the African countries where one or both companies have a presence. Namibia will be included at a later stage and South Africa is excluded from the agreement,” the firms said in a statement.
The entity is expected to have a combined total group equity value (GEV) in excess of €2 billion, the firm stated.
The partnership aims to increase life and general insurance penetration, accelerate product innovation and drive financial inclusion in African markets.
“In line with Sanlam’s stated ambition to be a leading Pan-African financial services group, the proposed joint venture will enable us to take a significant step towards realising that ambition. It will also strengthen our leadership position in multiple key markets that are core to our Africa strategy, building quality and scale where it matters. We are delighted to have Allianz as partners and believe their expertise and financial strength will add tremendous value to our businesses,” said Sanlam Group CEO Mr Paul Hanratty.
“In accordance with our enterprise strategy to expand our leadership position through scale and new partnership models, Allianz is pleased to accelerate its growth in this important region through a partnership with the undisputed market leader,” said member of the board of management of Allianz SE, Mr Christopher Townsend.
The agreement is subject to certain conditions precedent, including but not limited to the receipt of required approvals from competition authorities, financial/insurance regulatory authorities and any customary conditions that Sanlam and Allianz would be required to fulfil for each jurisdiction.
