African markets

Sanlam and Allianz join forces to create the African insurance giant

sanlam, the largest non-banking financial services company in Africa, and Allianz, one of the world’s leading insurers and asset managers with a century of history in Africa, have agreed to combine their current and future operations across the Africa to create the largest pan-African non-banking financial services entity on the continent. This combination means that customers across Africa will benefit from the expertise and financial strength of two well-respected and well-known brands.

The joint venture will house the business units of Sanlam and Allianz in African countries where either or both companies have a presence. Namibia will be included later and South Africa is excluded from the agreement.

Strong synergies

The combined operations of Sanlam and Allianz will create a leading pan-African non-banking financial services entity, operating in 29 countries across the continent. The joint venture will be the largest pan-African insurance player and is expected to rank among the top three, in the majority of markets where the entity will operate. The entity is expected to have a combined total group equity value (GEV) in excess of 33 billion South African rand (about 2 billion euros).

Sanlam and Allianz will leverage their respective strengths to unlock synergies and provide their customers with innovative insurance solutions and technical excellence. The joint venture will create value for all stakeholders through greater economies of scale, broader geographic presence, greater combined market share and more diversified product offering.

By combining Sanlam’s expertise in Africa with Allianz’s global capabilities and insurance solutions, particularly for multinational companies, the partnership aims to increase life and general insurance penetration, accelerate innovation products and fostering financial inclusion in high-growth African markets.

“In line with Sanlam’s stated ambition to be a leading pan-African financial services group, the proposed joint venture will allow us to take an important step towards realizing this ambition. It will also strengthen our leadership position in several key markets that are central to our strategy in Africa, driving quality and scale where it matters. We are delighted to have Allianz as a partner and are confident that their expertise and financial strength will add tremendous value to our business,” said Paul Hanratty, CEO of Sanlam Group.

“In line with our corporate 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 . Sanlam’s capabilities extend our local reach and market penetration, and the joint venture enables us to establish leadership positions in key growth markets for Allianz,” said Christopher Townsend, Board Member of Sanlam. ‘Allianz SE.

“In addition, Sanlam shares our company values, our focus on securing our customers’ future, and our long-term, generational approach to expanding into new markets.”

The chairmanship of the joint venture will alternate every two years between Sanlam and Allianz. The CEO of the entity will be appointed in due course.

The agreement is subject to certain conditions precedent including, but not limited to, obtaining required approvals from competition authorities, financial/insurance regulatory authorities and all customary conditions that Sanlam and/or Allianz would be required to complete for each jurisdiction.

About Sanlam

Sanlam is a pan-African financial services group listed on the Johannesburg, Namibia and A2X stock exchanges. Through its clusters: Life and Savings bringing together the Retail, Retail and Corporate business units; Sanlam Emerging Markets; Sanlam Investment Group; and Santam, the group provides comprehensive and tailor-made financial solutions to institutional clients and consumers in all market segments. Sanlam’s areas of expertise include life and general insurance, financial planning, retirement, investments and wealth management.

Established in 1918 as a life insurance company, Sanlam has become the largest non-banking financial services group in Africa thanks to its diversification strategy.

Based in South Africa, Sanlam has a direct stake in financial services entities in Namibia, Botswana, Swaziland, Zimbabwe, Mozambique, Mauritius, Malawi, Zambia, Tanzania, Rwanda, Uganda, in Kenya and Nigeria. The Group has a footprint of insurance operations in Morocco, Angola, Algeria, Tunisia, Ghana, Niger, Mali, Senegal, Guinea, Burkina Faso, Ivory Coast, Togo , Benin, Cameroon, Gabon, Republic of Congo, Madagascar, Burundi and Lesotho.

Sanlam also has business interests in India, Malaysia and the United Kingdom and has business interests in the United States, Australia, the Philippines and Lebanon.

For more information about Sanlam, visit www.sanlam.com.

About Allianz

The Allianz group is one of the world leaders in insurance and asset management with 126 million* individual and corporate customers in more than 70 countries. Allianz customers benefit from a wide range of personal and commercial insurance services, ranging from property, life and health insurance to assistance services, credit insurance and global business insurance. . Allianz is one of the world’s largest investors, managing approximately €809 billion on behalf of its insurance clients. In addition, our asset managers PIMCO and Allianz Global Investors manage nearly €2 trillion in third-party assets. Thanks to our systematic integration of ecological, social and governance criteria into our business processes and investment decisions, we hold the number one position among insurers in the Dow Jones Sustainability Index, launched on 12.11.2021. In 2021, more than 155,000 employees achieved a total turnover of 148.5 billion euros and an operating result of 13.4 billion euros for the group.