Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Friday, May 23
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Africa»Sanlam Joins Forces with Allianz to Create the Largest Pan-African Non-Banking Financial Entity In Africa

    Sanlam Joins Forces with Allianz to Create the Largest Pan-African Non-Banking Financial Entity In Africa

    2
    By Oluwasegun Olukotun on May 4, 2022 Africa, Financial Services, Insurance

    Sanlam, the largest non-banking financial services company in Africa, and Allianz, one of the world’s leading insurers and asset managers 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.

    With this collaboration, customers across Africa will benefit from the expertise and financial strength of two respected and well-known brands. 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 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 rand (approximately 2 billion euros).

    Sanlam and Allianz will 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.

    “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 realising that ambition. It will also strengthen our leadership position in multiple key markets that are core to our Africa strategy, building quality and scale where it matters. We are delighted to have Allianz as partners and believe their expertise and financial strength will add tremendous value to our businesses,” said, Sanlam Group CEO, Paul Hanratty.

    “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,” said, Member of the Board of Management of Allianz SE, Christopher 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. The agreement is subject to certain conditions precedent, including but not limited to the receipt of required approvals from competition authorities, financial/insurance regulatory authorities and any customary conditions that Sanlam and/or Allianz would be required to fulfil for each jurisdiction

    Related

    Allianz Insurance Sanlam
    Share. Facebook Twitter Pinterest LinkedIn Email
    Oluwasegun Olukotun

    Related Posts

    Thndr Raises $15.7m and Launches New Products to Transform Retail Investing in MENA

    Everything You Need to Know About NRBVN for Diaspora Nigerians

    Exclusive: “Every Time a Mother Breastfeeds, She Saves—Into a Digital Wallet”

    2 Comments

    1. Pingback: Sanlam and Allianz tie-up takes effect in 27 African markets - Innovation Village | Technology, Product Reviews, Business

    2. Pingback: Africa's largest insurer, Sanlam Limited, plans to acquire Assupol Holdings Limited - Innovation Village | Technology, Product Reviews, Business

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.