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Sanlam and Allianz form joint venture to lead Pan-African non-banking financial services

EditorAmbhini Aishwarya
Published 05/09/2023, 11:46

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Sanlam, Africa’s largest non-banking financial services provider, and Allianz (ETR:ALVG), a global insurer and financial services provider, have announced the formation of SanlamAllianz, a joint venture aimed at creating the leading Pan-African non-banking financial services company. The collaboration, which has received regulatory approvals, is set to operate in 27 African countries, excluding South Africa. Namibia will be included at a later stage.

SanlamAllianz's ambition is to be among the top three players in both market share and profitability in the markets where it operates. The joint venture is projected to have a combined group equity value (GEV) of approximately R35 billion (£1.5 billion, $1.7 billion, €1.8 billion). Retail and corporate clients are expected to benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions.

"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 Paul Hanratty, CEO of Sanlam Group.

Christopher Townsend, board member of Allianz SE, echoed these sentiments: “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 this vibrant continent and is building on our 100-year legacy here.”

The priorities for SanlamAllianz include driving financial inclusion by providing greater access to products and services through digital innovation; leveraging telecommunications and bancassurance partnerships to create new opportunities across Africa; and growing the life and general insurance businesses through product, service, and distribution innovation.

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Heinie Werth, the current CEO of Sanlam Emerging Markets, has been appointed as the CEO of SanlamAllianz. In his 25-year career at Sanlam, Mr. Werth has held various executive positions within the group.

“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,” added Hanratty.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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