Sanlam, one of Africa’s largest non-banking financial services companies, and Allianz, one of the world’s leading insurers and asset managers, have agreed to combine their current and future operations across Africa to create the largest Pan-African non-banking financial services entity on the continent with operations in 29 countries.
The two companies said the joint venture will merge the business units of both Sanlam and Allianz in the African countries where one or both companies have a presence. Namibia will be included at a later stage and South Africa is excluded from the agreement.
The joint venture will be the largest Pan-African insurance player with a combined total group equity value (GEV) in excess of 2 billion euros.
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 precedent, including but not limited to the receipt of required approvals from competition authorities, financial/insurance regulatory authorities and any customary conditions that Sanlam and/or Allianz would be required to fulfil for each jurisdiction.
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