Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers, have secured regulatory approvals for their groundbreaking joint venture, forming the formidable entity known as SanlamAllianz.

This partnership will establish the leading Pan-African non-banking financial services company, spanning 27 countries across the African continent.

The collaboration between Sanlam and Allianz is poised to create significant value for clients, shareholders, and other stakeholders.

Paul Hanratty, Sanlam Group’s chief executive officer, expressed confidence in the venture, noting that it will create great value for its client, shareholders and stakeholders.

Paul Hanratty. PHOTO/COURTESY

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"The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients on the African continent," Hanratty stated.

Christopher Townsend, board member of Allianz SE, emphasized the potential of SanlamAllianz, stating, "SanlamAllianz has the capability to gain leadership positions in all key markets in both general insurance and life segments. With this powerful partnership, we want to unlock the potential of multiple fast-growing African markets and access a wider range of customers, particularly in the corporate segment. Allianz is deepening its commitment to the vibrant continent and is building on our 100-year legacy here."

SanlamAllianz has outlined its priorities, which include driving financial inclusion through digital innovation, providing enhanced offerings in property and casualty, as well as life insurance through innovation and economies of scale, and growing the life and general insurance businesses through product, service, and distribution innovation.

Christopher Townsend. PHOTO/COURTESY

Hanratty also said the approval of this joint venture marks a significant step forward in implementing Sanlam group's strategic vision, paving the way for enhanced financial services and greater financial inclusion across the African continent.

According to Hanratty, SanlamAllianz is poised to make a substantial impact on the African financial landscape, with the combined strength, expertise, and dedication of two industry leaders propelling them towards success in this new journey.

“The joint venture marks a significant step forward in further implementing Sanlam group’s strategy that we have pursued over the past few years," Hanratty said.

"Opportunities to improve insurance penetration in Africa abound for those with the right combination of financial strength, scale, new technology and a tangible commitment to the customer. We believe that SanlamAllianz has all the ingredients to succeed on this new journey."

Heinie Werth, the current CEO of Sanlam Emerging Markets with a 25-year career at Sanlam, has been appointed as the CEO of SanlamAllianz, reinforcing the commitment of both companies to this historic collaboration.