- Sanlam has announced that is has received regulatory approvals to enter a joint venture with Allianz.
- Under the name of SanlamAllianz, the joint venture will offer insurance and financial services across 27 African countries.
- The organisations say this will be the largest non-banking financial services company operating in the Pan-Africa region.
Sanlam has big plans for the African continent. The local financial services group has announced its intention to expand its reach, having confirmed that it has received regulatory approvals to enter a joint venture with international financial services provider Allianz.
Sanlam explains that the joint venture will create the leading Pan-African non-banking financial services company in the region, with a presence in 27 countries in Africa. Said joint venture will operate as SanlamAllianz, the company confirmed in a press release sent to Hypertext.
“SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate,” it proclaimed.
The pair also pointed out that the the joint venture is expected to have a combined group equity value of approximately R35 billion.
“Retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate. Namibia will be included at a later stage, while South Africa is excluded from the agreement,” the release highlighted.
“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,” enthused Sanlam group’s CEO, Paul Hanratty.
Looking to the future, the SanlamAllianz joint venture will be focusing on three specific areas as it aims to become a key market player.
- “Drive financial inclusion, focusing on the number of lives touched, by providing greater access to products and services through digital innovation; and leveraging their telecommunications and bancassurance partnerships to create new opportunities across the Africa region;
- Provide the best of two leading multinational brands with enhanced offerings in property and casualty as well as life insurance offerings through innovation and the additional capabilities enabled by greater economies of scale; and
- Grow the life and general insurance businesses through product, service and distribution innovation.”
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