In a significant development within the financial services industry, Sanlam, Africa’s largest non-banking financial services provider, and Allianz, a global leader in insurance and financial services, have announced the successful receipt of regulatory approvals for their joint venture. The partnership is poised to establish a dominant presence in the Pan-African market, spanning 27 countries, under the banner of “SanlamAllianz.”
SanlamAllianz’s strategic objective is to position itself among the top three players in terms of both market share and profitability across the markets it will serve. The combined group equity value (GEV) for this venture is estimated at approximately R35 billion, underscoring the substantial financial backing and resources that will be brought to bear on this venture.
Retail and corporate clients are set to be the prime beneficiaries of this collaboration, as they will gain access to an expanded suite of insurance products and financial solutions that are tailored to their specific needs. These offerings will be made available in the markets where either or both parent companies currently have a presence. Notably, Namibia will be included in the venture at a later stage, while South Africa is expressly excluded from this agreement.
Mr. Paul Hanratty, CEO of Sanlam Group, expressed confidence in the venture’s potential to deliver significant value to clients, shareholders, and all stakeholders. He affirmed that the combined expertise and resources of Sanlam and Allianz would empower them to provide innovative solutions and services that meet the dynamic needs of clients across the African continent.
Mr. Christopher Townsend, a board member of Allianz SE, added his perspective, stating that SanlamAllianz is well-positioned to attain leadership positions in all key markets, encompassing both general insurance and life segments. He highlighted the partnership’s ambition to unlock the potential of multiple fast-growing African markets, particularly in the corporate segment, building upon Allianz’s 100-year legacy in Africa.
This joint venture signals a significant step forward in advancing financial services across Africa, uniting the global expertise of Allianz with Sanlam’s deep-rooted knowledge of the continent. It embodies a commitment to facilitating financial inclusion and delivering tailored solutions to a diverse and dynamic African market.