In a groundbreaking development for the financial world, Sanlam and Allianz are thrilled to announce the receipt of regulatory approvals for their joint venture, heralding the birth of SanlamAllianz. This transformative collaboration between Africa’s largest non-banking financial services powerhouse, Sanlam, and the globally renowned insurance and financial services giant, Allianz, is set to redefine the financial landscape across the African continent. With operations spanning 27 African countries, SanlamAllianz is poised to become the leading Pan-African non-banking financial services company.
Charting a Course for Success – Sanlam and Allianz
SanlamAllianz is driven by an unwavering ambition: to ascend the ranks and secure top-three positions in market share and profitability within its operational markets. The joint venture is set to boast a formidable combined group equity value (GEV) of approximately R35 billion, promising to usher in a new era of financial services excellence.
Clients, both retail and corporate, are the ultimate beneficiaries, as they gain access to a comprehensive suite of insurance products tailored to their unique needs, coupled with best-in-class financial solutions. These offerings will be readily available in the markets where either or both companies currently maintain a presence, with Namibia joining the fold at a later stage. Notably, South Africa stands excluded from this agreement.
A Vision for Client-Centric Innovation For African Financial Services
SanlamAllianz is more than just a merger of corporate giants; it’s a vision brought to life by leaders with a passion for innovation and a dedication to serving their clients. Mr. Paul Hanratty, CEO of Sanlam Group, underscores the significance of this alliance, stating, “We are confident that SanlamAllianz will create significant value for clients, shareholders, and other stakeholders. 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.”
Mr. Christopher Townsend, a board member of Allianz SE, adds, “SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this powerful partnership, we want to unlock the potential of multiple fast-growing African markets and access a wider range of customers, particularly in the corporate segment. Allianz is deepening its commitment to the vibrant continent and is building on our 100-year legacy here.”
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Strategic Priorities
SanlamAllianz’s roadmap to success revolves around key strategic priorities:
Financial Inclusion through Digital Innovation: The joint venture is committed to expanding financial inclusion by leveraging digital innovation to provide greater access to products and services. Through telecommunications and banking partnerships, new opportunities will be created across the African region.
Enhanced Offerings in Insurance: Clients can expect the best of two multinational brands, with enriched offerings in property and casualty, as well as life insurance, driven by innovation and the enhanced capabilities unlocked by economies of scale.
Innovative Growth: SanlamAllianz is poised to invigorate the life and general insurance sectors through groundbreaking product, service, and distribution innovations.
A Bright Future Beckons For African Financial Services
Mr. Hanratty remarks, “The joint venture marks a significant step forward in further implementing Sanlam Group’s strategy that we have pursued over the past few years. Opportunities to improve insurance penetration in Africa abound for those with the right combination of financial strength, scale, new technology, and a tangible commitment to the customer. We believe that SanlamAllianz has all the ingredients to succeed on this new journey.”
Taking the helm as CEO of SanlamAllianz is Mr. Heinie Werth, the current CEO of Sanlam Emerging Markets. With a distinguished 25-year career at Sanlam, including executive roles such as finance director, Mr. Werth is well-equipped to steer SanlamAllianz towards a future of unprecedented success.
In conclusion, the regulatory green light for the SanlamAllianz joint venture marks a significant turning point in Africa’s financial landscape. With innovation, commitment to clients, and the combined strengths of two industry giants, this partnership is poised to set new standards for financial services excellence across the African continent.
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