Sanlam and Allianz get approval for new services in Africa

The joint venture between Sanlam and Allianz, known as SanlamAllianz, is a strategic partnership aimed at establishing a dominant Pan-African non-banking financial services company.

Objective: The primary goal of SanlamAllianz is to become a top-tier player in the non-banking financial services sector across the African continent. They aim to achieve a top-three position in terms of market share and profitability in the 27 African countries where they will operate.

Services: SanlamAllianz intends to offer a wide range of tailored insurance products and financial solutions to both retail and corporate clients in the African markets it serves. This includes various insurance products and other financial services.

Partners: Sanlam is the largest non-banking financial services provider in Africa, known for its commitment to delivering innovative financial solutions. Allianz is a global leader in insurance and financial services with a century-long legacy and a global customer base.

Equity Value: The joint venture is expected to have a combined group equity value (GEV) of approximately 35 billion. It’s worth noting that this value excludes South Africa initially but will later include Namibia as part of its operations.

Leadership: Mr. Heinie Werth, the current CEO of Sanlam Emerging Markets, has been appointed as the CEO of SanlamAllianz. He brings 25 years of experience within the Sanlam Group to this role.

Strategy: SanlamAllianz aims to leverage the expertise and resources of both companies to provide innovative solutions specifically tailored to the African market. This strategic partnership is aligned with Sanlam’s broader strategy to expand and improve insurance penetration in Africa.

Confidence: Sanlam group’s Chief Executive Officer, Mr. Paul Hanratty, expressed confidence in the joint venture’s ability to create value. He believes that SanlamAllianz has the necessary financial strength, scale, technology, and customer focus to succeed in the African market.

This partnership represents a significant move by two established financial services companies to tap into the growing African market and provide a wide range of financial products and services to meet the needs of African consumers and businesses.