Ebere Nwoji
Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurance and financial services providers have received regulatory approvals for a joint venture that will create the leading Pan-African non-banking financial services company with presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz.
SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate.
The joint venture, the firms said in a statement, is expected to have a combined group equity value (GEV) of approximately R35 billion.
“We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders. The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent,” said Sanlam group’s Chief Executive Officer, Mr. Paul Hanratty.
Also speaking, Allianz SE board member, Christopher Townsend said: “SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this powerful partnership, we want to unlock the potential of multiple fast growing African markets and access a wider range of customers, particularly in the corporate segment. Allianz is deepening its commitment to the vibrant continent and is building on our 100-year legacy here.”
According to the two insurance giants, the priorities of SanlamAllianz in the deal are: Driving financial inclusion, focusing on the number of lives touched by providing greater access to products and services through digital innovation; and leveraging their telecommunications and bancassurance partnerships to create new opportunities across the Africa region.
