× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Sanlam, Allianz to create African insurance giant

BUSINESS
By Graham Kajilwa | May 5th 2022 | 2 min read
By Graham Kajilwa | May 5th 2022
BUSINESS
Sanlam Insurance [File photo]

Insurance firms Sanlam and Allianz have agreed to combine their current and future operations to create the largest non-banking financial services entity in Africa.

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, the firms said in joint statement yesterday.

Sanlam is the largest non-banking financial services company in Africa while Allianz is one of the world’s leading insurers and asset managers with a century of history in Africa.

The deal will create a an entity with operations in 29 countries across the continent, expected to be ranked in the top three in most of the markets where it will operate.

The venture will have a combined total group equity value in excess of 33 billion South African rand (Sh240 billion).

“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 realising that ambition," said Sanlam Group Chief Executive Paul Hanratty.

He said the venture will strengthen their leadership position in multiple key markets that are core to the firm's Africa strategy.

"Sanlam’s capabilities extend our local reach and market penetration, and the joint venture allows us to establish leading positions in key growth markets for Allianz,” said member of the board of management at Allianz SE, Christopher Townsend.

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

Share this story
Comesa warns over some Indomie noodle flavours
The Consumers Federation of Kenya today asked consumers to stay away from the products and urged supermarkets to remove them from the shelves until proper tests by Kenya Bureau of Standards are done.
Deloitte and PwC earn Sh130m for Kenya Power forensic audit
Kenya Power has spent over Sh130.81 million in efforts to steady the company’s performance.
.
RECOMMENDED NEWS
Feedback