Sanlam, the pan-African leader in non-bank financial services, and Allianz, a world leader in insurance and asset management with a century of history in Africa, have agreed to combine current and future operations on the continent to create the largest pan- The African. non-banking financial services entities.
According to a press release, through this partnership, the Africa customer will benefit from the expertise and financial strength of recognized and flexible brands.
“The joint venture will bring together Sanlam and Allianz entities in African countries where one or both companies are present. Namibia will be included later and South Africa will not be part of this agreement. Considerable synergies pan-African non-banking financial services, operating in 29 countries across the continent, “reads a press release.
According to the same source, the company will represent the largest pan-African insurance player and will position itself among the top three in the majority of markets in which it operates. Thus, it is expected to reach a combined value total equity group (Gev) of more than 33 billion South African rand (approximately 2 billion euros).
Sanlam and Allianz will leverage their respective expertise to create synergies and offer customers the highest innovative insurance solutions. The joint venture also aims to generate value for all stakeholders through larger-scale economies, an expanded geographic presence, a stronger market share and an even more diversified product offering.
This partnership aims to increase the penetration of life and non-life insurance on the continent, by combining Sanlam’s expertise in Africa with Allianz’s global capabilities and insurance solutions, particularly for multinationals. It also aims to accelerate product innovation and promote financial inclusion in the strong growth of African markets.
“This joint venture will enable us to move forward in fulfilling our strategic ambitions to become the leading pan-African financial services group. It will also consolidate our leadership position in several key markets at the heart of our strategy in Africa. while strengthening quality and economies of scale where necessary. We are pleased to have Allianz as a partner for this goal and we are convinced that its expertise and financial strength will bring considerable added value to our business, “said Paul Hanratty, Director General Sanlam.
“As part of our corporate strategy to expand our leadership position through economies of scale and new partnership models, we hope to accelerate our growth in this region of great potential through our partnerships with non-discussed leaders on the continent. Sanlam’s capabilities will be allowing us to expand our local presence and market penetration, and the Joint Venture will help us achieve leadership positions in key Allianz growth markets, ”said Christopher Townsend, Allianz SE Board Member. Sanlam and Allianz will rotate as corporate chair every two years.