In May 2022, the Sanlam and Allianz groups announced the creation of a joint venture, the final closing of which would depend on authorizations in the countries of presence.
On September 8, the management of Sanlam specified in a briefing on the occasion of its financial communication that the deal should take another year, i.e. September 2023.
The deal is still pending regulatory approvals in the countries where the two groups operate.
This joint venture should house the business units of Sanlam and Allianz in African countries where one or both companies are present (including Morocco). Namibia will be included later and South Africa is excluded from the agreement.
De fortes synergies
The combined operations of Sanlam and Allianz will create a leading pan-African non-banking financial services entity, operating in 29 countries across the continent. The joint venture will be the largest pan-African insurance player and is expected to rank among the top three, in the majority of markets where the entity will operate. The entity is expected to have a combined total equity value in excess of 33 billion South African rand (about 2 billion euros).
In Morocco, Sanlam Maroc, at the time still operating under the Saham Maroc brand, invited its shareholders in January 2022 to “take note” of the discussions between the two groups.
The Moroccan listed insurer, subsidiary of Sanlam, has not yet communicated on the implications of this joint venture for its activities and assets.