Sanlam and Allianz have received regulatory approvals for their joint venture, which aims to establish a dominant Pan-African non-banking financial services company, operating under the name SanlamAllianz.
The partnership between Sanlam and Allianz seeks to create a Pan-African financial services powerhouse, aiming to achieve a top-three position in market share and profitability across the 27 African countries where it will operate.
This collaboration aims to offer a broader range of tailored insurance products and top-tier financial solutions to retail and corporate clients in these markets.
Sanlam is Africa’s largest non-banking financial services provider, with a strong commitment to delivering innovative financial solutions. Allianz is a global leader in insurance and financial services, boasting a 100-year legacy and a dedication to serving customers worldwide.
The joint venture is expected to have a combined group equity value (GEV) of approximately 35bn. While excluding South Africa from the agreement, it will later include Namibia in its operation, as the firms aim to create significant value for clients, shareholders, and stakeholders by leveraging the expertise and resources of both companies to provide innovative solutions tailored to the African market.
Mr. Heinie Werth, the current CEO of Sanlam Emerging Markets, has been tasked with leading the operation. Mr Werth has been appointed the CEO of SanlamAllianz, bringing 25 years of experience within the Sanlam Group to the role.
Sanlam group’s Chief Executive Officer, Mr. Paul Hanratty, expressed confidence in SanlamAllianz’s ability to create value, stating, “The joint venture marks a significant step forward in further implementing Sanlam group’s strategy that we have pursued over the past few years. Opportunities to improve insurance penetration in Africa abound for those with the right combination of financial strength, scale, new technology and a tangible commitment to the customer. We believe that SanlamAllianz has all the ingredients to succeed on this new journey.”
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