The alliance will enable Allianz and Sanlam to combine their existing and future operations in 29 African countries, becoming the continent's largest non-bank financial services provider. By merging Sanlam's expertise on the continent with Allianz's global capabilities and insurance solutions, it intends to expand the life and general insurance penetration, accelerate product innovation and promote financial inclusion in high-growth African countries.
"In accordance with our enterprise strategy of expanding our leadership position through scale and new partnership models, Allianz is pleased to accelerate its growth in this critical region through a partnership with the undisputed market leader," said Christopher Townsend, a member of Allianz SE's board of management.
"Sanlam's strengths enable us to expand our local footprint and market penetration. The joint venture enables us to develop leadership positions in Allianz's major growth markets." Additionally, Sanlam shares our firm values, our mission of protecting the future for our clients, and our generational approach to growth in new areas."
Allianz and Sanlam anticipate that the combined entity will rank in the top three in most markets. It will operate and have a combined total group equity value (GEV) of more than 33 billion South African Rands (about €2 billion). Namibia will be included in the united entity at a later point, but not South Africa.
Sanlam group CEO Paul Hanratty stated that the transaction would bolster the company's leadership position in several critical markets that are critical to the company's objective of building quality and scale in Africa.
Sanlam group CEO Paul Hanratty stated that the transaction would bolster the company's leadership position in several critical markets that are critical to the company's objective of building quality and scale in Africa.
The chairmanship of the joint venture partnership will rotate every two years between Allianz and Sanlam, with a CEO to be chosen in due course. Additionally, the agreement is subject to several antecedent conditions, including receiving relevant approvals from competition authorities, financial/insurance regulatory agencies, and any customary restrictions applicable to Sanlam and/or Allianz in each region.
Briisk would like to congratulate both powerhouses on their partnership and look forward to much-needed insurance penetration in emerging markets.
Briisk is a high-growth technology company. Our core service is an instant transaction platform for digitising the insurance and financial services sector.
> Digitising Insurer products & services > Connecting to Scalable distribution channels > Engaging with Uninsured & underinsured customers > Policy production flow End to end.
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