Sanlam and Allianz Joint Venture to create 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 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.

According to Sanlam Group CEO Paul Hanratty, the proposed joint venture will strengthen its leadership position in multiple key markets that are core to its Africa strategy, building quality and scale where it matters.

He added that 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 realizing that ambition. We are delighted to have Allianz as partners and believe their expertise and financial strength will add tremendous value to our businesses.

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.

A Member of the Board of Management of Allianz SE Christopher Townsend said, “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. Sanlam’s capabilities extend our local reach and market penetration, and the joint venture allows us to establish leading positions in key growth markets for Allianz.”

The combined operations of Sanlam and Allianz will create a premier 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 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 rands (approximately 2 billion euros).

Member of the Board of Management of Allianz SE Christopher Townsend said, “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 t leader. Sanlam’s capabilities extend our local reach and market penetration, and the joint venture allows us to establish leading positions in key growth markets for Allianz.”

The combined operations of Sanlam and Allianz will create a premier 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 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 rands (approximately 2 billion euros).

Namibia will be included at a later stage and South Africa is excluded from the agreement.