Shares

Sanlam and Allianz have announced plans to merge and combine their current and future operations to create the largest African non-banking financial services group on the continent with operations in 29 countries.

The joint venture will merge 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 however excluded from the agreement. The joint venture will be the largest Pan-African insurance player with a combined total group equity value in excess of 2 billion euros.

The chairmanship of the joint venture partnership will rotate every two years between Sanlam and Allianz. The CEO of the proposed entity will be named in due course.

The agreement is subject to certain conditions precedent, including the receipt of required approvals from competition authorities, financial/insurance regulatory authorities and any customary conditions that Sanlam and/or Allianz would be required to fulfil for each jurisdiction.

Sanlam Kenya reported a decline in net profit for the period ended 31st December, 2021. The projected decline in earnings follows the company’s record of low numbers in 2020.