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Sanlam, Allianz fuse to create African insurance giant

Sanlam, the largest nonbanking 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 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 respected and well-known 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 combined operations of Sanlam and Allianz will create a premier Pan-African nonbanking financial services entity, operating in 29 countries across the continent. The partnership will be the largest Pan-African insurance player and is expected to be ranked in the top three, in the majority of the 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 (approximately €2 billion). Sanlam and Allianz will leverage each other’s strengths to unlock synergies and provide customers with best-in-class, innovative insurance solutions and technical excellence. The joint venture will create value for all stakeholders through greater economies of scale, broader geographic presence, larger combined market share, and a more diversified product offering.

 

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