Sanlam and Allianz join forces to create an insurance giant

Sanlam, non-banking financial services company, and Allianz, insurers and asset managers, have combined their current and future operations across Africa to create the largest Pan-African non-banking financial services entity.

This places the combined total group equity value (GEV) in excess of 33bn South African rand, which is approximately $2.1bn.

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 firms are expected to 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.

Combining Sanlam’s expertise in Africa with Allianz’s global capabilities and insurance solutions, particularly for multinational businesses, the partnership aims to increase life and general insurance penetration, accelerate product innovation and drive financial inclusion in high-growth African markets.

Christopher Townsend, who is a member of the Allianz’s board of management, said the joint venture is in accordance with their enterprise strategy that aims at expanding 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,” said Townsend. “Further, Sanlam shares our company values, our purpose of securing the future for our clients, and our long-term, generational approach to growing in new markets.”

The chairmanship of the joint venture partnership will rotate every two years between Sanlam and Allianz. The CEO of the entity will be named in due course.

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