Sanlam Announces Its Partnership With Allianz To Create A Pan-African Joint Venture
Sanlam Announces Its Partnership With Allianz To Create A Pan-African Joint Venture. Sanlam has announced that it has partnered with German based company Allianz in order to create a Pan-African joint venture.
Sanlam and Allianz will contribute their respective African operations into a newly incorporated joint venture company (“JVCo”), creating a leading Pan-African financial services group with an extensive footprint across the African continent. In line with Sanlam’s stated strategy to become a leading Pan-African financial services group by driving operational excellence in core markets and selective expansion into high priority countries, this partnership will enable Sanlam to enhance its capabilities in existing markets and expand its footprint and market leading positions in certain key jurisdictions on the African continent.
Allianz is a global integrated financial services group operating in the insurance and asset management sectors. Serving over 126 million customers in more than 70 countries globally and employing more than 155,000 employees worldwide. Allianz has more than 100 years of heritage in Africa, with presence since 1912 and a strong presence in key African countries such as Egypt, Kenya, Cameroon and Uganda, with an insurance portfolio spanning 11 countries, excluding South Africa, serving approximately 2 million customers, with its approximately 2,600 employees. Allianz prides itself in delivering leading international insurance programs across Africa and is committed to building Pan-African leadership in all relevant markets.
Sanlam will hold the controlling interest in the JVCo, with Allianz holding a significant minority shareholding. The initial shareholding split of Sanlam and Allianz in the JVCo, will be 60:40 respectively, with the ability for Allianz to increase its shareholding to a maximum of 49% over time.
