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Insurance firms Sanlam and Allianz have agreed to combine their current and future operations to create the largest non-banking financial services entity in Africa.
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 said in joint statement yesterday.
Sanlam is the largest non-banking financial services company in Africa while Allianz is one of the world’s leading insurers and asset managers with a century of history in Africa.
The deal will create a an entity with operations in 29 countries across the continent, expected to be ranked in the top three in most of the markets where it will operate.
The venture will have a combined total group equity value in excess of 33 billion South African rand (Sh240 billion).
“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," said Sanlam Group Chief Executive Paul Hanratty.
He said the venture will strengthen their leadership position in multiple key markets that are core to the firm's Africa strategy.
"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 at Allianz SE, Christopher Townsend.
The chairmanship of the joint venture partnership will rotate every two years between Sanlam and Allianz. The CEO will be named in due course, the firms said.
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