The joint venture that will create a Pan-African non-banking financial services company with a presence in 27 countries in Africa has received regulatory approval, according to Sanlam, the continent’s largest non-banking financial services provider, and Allianz, an insurer and financial services provider. Operating under the name SanlamAllianz, the joint venture.
The goal of SanlamAllianz is to rank among the top three companies in terms of market share and profitability in the markets in which it operates.
“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,” stated Sanlam group’s chief executive officer, Mr Paul Hanratty.
Mr Christopher Townsend, board member of Allianz SE, commented: “SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. 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 the vibrant continent and is building on our 100-year legacy here.”
The priorities of SanlamAllianz are to:
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.
“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. We believe that SanlamAllianz has all the ingredients to succeed on this new journey,” said Mr. Hanratty.
Mr. Heinie Werth, the current CEO of Sanlam Emerging Markets, has been appointed as the CEO of SanlamAllianz. In a career spanning 25 years at Sanlam, Mr. Werth has held various executive positions within the group, including that of finance director.