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Regulatory approvals pave way for the creation of SanlamAllianz
Dear valued Partner,
We are pleased to announce that Sanlam and Allianz have received all the requisite regulatory approvals for the planned joint venture and are now operating as SanlamAllianz.
As SanlamAllianz, the joint venture houses 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. With the extended scope, the joint venture will now operate in 27 countries across the continent and rank among the top 3 in most of the markets in which it operates.
Sanlam and Allianz bring a wealth of expertise and resources to the table with the expectation of making a significant impact in the industry. The combined strengths of both companies should therefore create considerable value for all stakeholders through greater economies of scale, shared knowledge, a broader geographic footprint, a larger combined market share, and a more accessible and diversified product and service offering.
With more than 200 years of combined experience in Africa and beyond, SanlamAllianz will use its scale and local understanding of the African market to pioneer financial solutions that build security and prosperity for individuals, businesses and communities for generations to come.
The primary objective of the joint venture is to establish itself as a leading insurance company, ranking among the top-3 in all chosen markets, while striving to emerge as a true pan-African champion. This will be achieved by adopting a shared value approach that prioritises the interests of all stakeholders through financial inclusion, improved multinational offerings in both P&C and life insurance, an optimised reinsurance offering, product and service innovation, and commitment to client satisfaction.
Sanlam and Allianz are two major brands and leaders in the market. Through the establishment of this partnership, the joint venture partners will gain the advantage of accessing an expanded clientele – particularly within the corporate segment. Moreover, the combined and increased network coverage and mutually reinforced distribution channels will enable its partners to operate in closer proximity to clients. This is poised to unlock augmented sales opportunities and foster the cross-selling potential, thereby propelling business growth.
SanlamAllianz is committed to achieving a leading position in life and general insurance across the
continent. With the implementation of multiple strategic initiatives aimed at creating enhanced business opportunities and attracting more clients, we aim to foster strong partnerships with you. This will enable you, as our partners, to operate in innovative channels and provide clients with outstanding insurance solutions and technical expertise.
By leveraging our extensive knowledge in the insurance industry, and in some markets also our reinsurance expertise and capabilities, we are committed to supporting your growth and ensuring the delivery of best-in-class services.
With regards to the integration of the joint venture, the current focus is to combine, integrate and align our respective businesses by 2024. Subsequently, the second phase involving regulatory approvals will commence shortly, specifically pertaining to seeking the necessary approvals for combining the businesses in those countries where both Sanlam and Allianz have an overlapping presence.
We will keep you informed of the progress in this regard as you remain a valued stakeholder to us and our dedication to you remains unchanged.
We would like to assure you that our dedicated teams remain in place, committed to delivering the highest level of service and ensuring competitive investment returns for you and your clients. We express our sincerest gratitude for the unwavering trust you have placed in us, and we look forward to continuing our successful partnership.
Kind regards,
Delphine Traoré
Chief Executive: General Insurance
SanlamAllianz