European insurer Allianz and African non-banking monetary providers supplier Sanlam have obtained regulatory approvals to launch a three way partnership (JV), often called SanlamAllianz.
SanlamAllianz will function as a Pan-African non-banking monetary providers firm serving retail and company clientele in 27 international locations in Africa.
This collaboration is anticipated to have a mixed group fairness worth of practically R35bn ($1.7bn).
The JV will ship a variety of insurance coverage merchandise customised in keeping with shopper necessities, along with monetary options.
The choices and providers will probably be offered within the markets the place one or each corporations are working presently, Allianz famous.
The JV is not going to supply providers in South Africa below the deal whereas Namibia will develop into a part of the settlement later.
Sanlam Group CEO Paul Hanratty mentioned: “We’re assured that SanlamAllianz will create vital worth for shoppers, shareholders and different stakeholders.
“The mixed experience and sources of our respective corporations will allow us to offer revolutionary options and providers to satisfy the ever-evolving wants of our shoppers on the African continent.”
As a part of the collaboration, the present Sanlam Rising Markets CEO Heinie Werth will function the CEO of SanlamAllianz.
The JV will give attention to boosting monetary inclusion by growing entry to services and products by way of digital innovation.
The telecommunications and bancassurance collaborations of each Sanlam and Allianz will probably be utilised by the JV to develop recent prospects in Africa.
Allianz board member Christopher Townsend commented: “SanlamAllianz has the potential to achieve management positions in all key markets in each common insurance coverage and life segments.
“With this highly effective partnership, we wish to unlock the potential of a number of fast-growing African markets and entry a wider vary of consumers, significantly within the company phase.”
Allianz lately reported an working revenue of €3.78bn in Q2 2023.
