Allianz strikes deal with South African insurer Sanlam to form Africa’s biggest insurance firm
German insurance giant Allianz has struck a deal with South African insurance company Sanlam to create the biggest insurer in Africa.
The deal will see two firms launch a new joint venture that is set to become the biggest pan-African non-banking financial services firm on the continent.
The new firm will operate in 29 different African countries, and is expected to have combined total group equity value in excess of 33bn South African rand (£1.7bn).
The joint venture is set to house both firms’ African business units, in all countries on the continent apart from in South Africa, and Namibia which is set to be included at a later date.
In joining forces, the two firms are set to capitalise on their synergies, and gain access to larger shares of fast-growing markets across the African continent.
The chairmanship of the new joint venture will switch every two years between Sanlam and Allianz, while the chief executive of the new firm will be announced at a later date.