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Allianz, Sanlam to combine businesses in Africa

Allianz, Sanlam to combine businesses in Africa

ArabFinance: Allianz Group has signed an agreement with Sanlam to merge their current and future businesses in Africa, and form the largest financial services entity in Africa, according to an emailed press release on May 10th.

Through the merger of operations, the two companies will seek to have a presence in 29 countries across Africa and are expected to have a total group equity value of about €2 billion.

“The joint venture (JV) will create value for all stakeholders through greater economies of scale, broader geographic presence, larger market share, and a more diversified product offering,” the press release highlighted.

In the same vein, Allianz Egypt is on its way to obtaining regulatory approvals from the Egyptian Financial Regulatory Authority (FRA) and relevant parties, while maintaining its operations and offering insurance services in the Egyptian market without any alterations.

According to the press release, Sanlam is Africa's "largest non-banking financial services company."

This combination will help customers across the continent to benefit from the expertise and the solid financial position of both companies, offering them premium insurance solutions.

Operating since 1890, the multinational German insurer Allianz was founded in Egypt in 1976 under the name of “Arab International Insurance Company” until it was fully acquired in 2004 by Allianz under its current brand names “Allianz Life Assurance Company – Egypt” and “Allianz Insurance Company – Egypt.

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