COMPANY NEWS IN BRIEF
Sanlam and Allianz to mergeSanlam and the German financial giant Allianz will merge their African operations outside of South Africa to create a new company with assets valued at R33 billion.Outside of South Africa, Sanlam has life and general insurance, as well as investment management operations in more than 30 African countries, including Morocco, Ivory Coast, Nigeria and Botswana, while Allianz’s insurance portfolio spans 11 countries outside of South Africa.
Allianz, which has 126 million customers in more than 70 countries, first launched its African business in 1912, and has a strong presence in Egypt, Kenya, Cameroon and Uganda. The company’s African insurance business has 2 million customers, with some 2 600 employees.
Sanlam says it will benefit from a strategic partnership with one of the largest financial groups in the world, while the deal will also accelerate its expansion into “high priority” countries.
In addition, Sanlam believes the new joint venture will bring “knowledge sharing, economies of scale, a combined platform as well as potential synergies”.
Sanlam will hold 60% of the new joint venture, with Allianz owning 40% - with the ability to increase its shareholding to a maximum of 49% over time.- Fin24