Abuja, Nigeria (CU)_ According to the companies, the entity is anticipated to have a combined total group equity value (GEV) of more than €2 billion. The objective of the collaboration is to enhance the penetration of life and general insurance, expedite product innovation, and promote financial inclusion in African markets.
Sanlam, Africa’s leading insurer, and Allianz, German-based insurance giant, have inked an agreement to integrate their existing and future operations throughout Africa to establish the continent’s largest Pan-African organization. As a result of this huge partnership, customers throughout Africa will benefit from the combined expertise and financial power of the two businesses.
According to the firms’ statement, “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”.
Mr Paul Hanratty, Sanlam Group CEO, expressed delight over the collaboration. He said, “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 realizing that ambition. It will also strengthen our leadership position in multiple key markets that are core to our Africa strategy, building quality and scale where it matters. We are delighted to have Allianz as partners and believe their expertise and financial strength will add tremendous value to our businesses”.
Mr Christopher Townsend, member of the board of management of Allianz SE, expressed hopes over the partnership. He said, “In accordance with our enterprise strategy to expand our leadership position through scale and new partnership models, Allianz is pleased to accelerate its growth in this important region through a partnership with the undisputed market leader”.
