Arab Finance: Sanlam, Africa’s largest non-banking financial services provider, and Allianz have launched SanlamAllianz, a joint venture (JV) that will provide insurance and non-banking financial services in 27 African markets, according to an emailed press release on September 5^th.

This came after the two companies obtained regulatory approvals for SanlamAllianz, leading it to be among the top three players in the African market in terms of share and profitability.

The JV is expected to have a combined group equity value (GEV) of around R35 billion.

The offered products and services will be available in the markets where one or both companies currently operate, including Namibia at a later stage, with South Africa being excluded from the agreement.

“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,” Sanlam group’s CEO, Paul Hanratty, commented.

“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,” Christopher Townsend, board member of Allianz SE, added.

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