from DION HENRICK in Cape Town
CAPE TOWN – REGULATORY authorities have approved the joint venture between Allianz and Sanlam, paving the way for the creation of a leading Pan-African non-banking financial services company.
The venture, to operate as SanlamAllianz, is expected to have a combined group equity value (GEV) of approximately R35 billion (US$1,83 billion), and have a presence in 27 countries.
Heinie Werth, the current Chief Executive Officer of Sanlam Emerging Markets, has been appointed as the CEO of SanlamAllianz.
SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate.
The joint venture retail and corporate clients benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions.
Products and services will be available in the markets where one or both companies currently operate.
Namibia will be included at a later stage, while South Africa is excluded from the agreement.
“We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders,” Paul Hanratty, Chief Executive Officer of the Western Cape-based Sanlam Group, said.
“The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent.”
Christopher Townsend, board member of Allianz, believes SanlamAllianz has the capability to gain leadership positions in all key markets in general insurance and life segments.
He said the partnership aims to unlock the potential of multiple fast growing African markets and access a wider range of customers, particularly corporate.
“Allianz is deepening its commitment to the vibrant continent and is building on our 100-year legacy here,” Townsend said.
– CAJ News