Sanlam, Africa's leading insurer, partially owned by South African billionaire Patrice Motsepe, has partnered with German multinational financial services company Allianz SE to form a $1.9 billion joint venture in Africa. This venture follows a year of extensive negotiations and regulatory approvals received last September.
Sanlam CEO Paul Hanratty announced the venture during the Sanlam Financial Journalism Awards ceremony in Johannesburg. The new entity, SanlamAllianz, will provide non-banking financial services across 27 African countries, focusing on growth in savings and investment crucial for the continent's economic development.
"The Sanlam-Allianz joint venture marks a significant milestone, establishing a platform for future growth in savings and investment across our continent, crucial for economic development," Hanratty stated. "After a year of foundational work, we are set to officially launch the combined, rebranded entity in our key markets within days."
Allianz and Sanlam seal $1.9 billion African insurance joint ventureUnder the agreement, Allianz will integrate its African operations, including majority stakes in Jubilee general insurance businesses in Kenya, Uganda, and Burundi. Sanlam will contribute its interests in Sanlam Kenya (57.1 percent) and other African operations, excluding those in South Africa, India, the Middle East, and Malaysia. Namibia will join the deal later, at which point Allianz may increase its stake to 49 percent, with Sanlam retaining control.
