Sanlam, a non-banking financial services company based in Africa, has partnered with insurer Allianz, to create a Pan-African insurance agent.
The companies said the combination will mean that “customers across Africa will benefit from the expertise and financial strength of two respected and well-known brands.”
Established in 1918 as a life insurance company, Sanlam, through its clusters, provides financial solutions to institutional clients and consumers across numerous market segments. Its areas of expertise include life and general insurance, financial planning, retirement, investments and wealth management.
The joint venture will house the business units of both Sanlam and Allianz in the African countries where one or both companies have a presence, amounting to 29 countries across the continent. Namibia will be included at a later stage and South Africa is excluded from the agreement.
Paul Hanratty, Sanlam Group CEO, said, “In line with Sanlam’s stated ambition to be a leading Pan-African financial services group, the proposed joint venture will enable us to take a significant step towards realising that ambition.
“It will also strengthen our leadership position in multiple key markets that are core to our Africa strategy, building quality and scale where it matters. We are delighted to have Allianz as partners and believe their expertise and financial strength will add tremendous value to our businesses.”
The chairmanship of the joint venture partnership will rotate every two years between Sanlam and Allianz. The CEO of the entity will be named in due course.
The agreement is subject to certain conditions.
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