SanlamAllianz will operate as a Pan-African non-banking financial services company serving retail and corporate clientele in 27 countries in Africa.
This collaboration is anticipated to have a combined group equity value of nearly R35bn ($1.7bn).
The JV will deliver a wide range of insurance products customised according to client requirements, in addition to financial solutions.
The offerings and services will be provided in the markets where one or both companies are operating presently, Allianz noted.
The JV will not offer services in South Africa under the deal while Namibia will become part of the agreement later.
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Sanlam Group CEO Paul Hanratty said: “We are confident that SanlamAllianz will create significant value for clients, shareholders and other stakeholders.
“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.”
As part of the collaboration, the current Sanlam Emerging Markets CEO Heinie Werth will serve as the CEO of SanlamAllianz.
The JV will focus on boosting financial inclusion by increasing access to products and services through digital innovation.
The telecommunications and bancassurance collaborations of both Sanlam and Allianz will be utilised by the JV to develop fresh prospects in Africa.
Allianz board member Christopher Townsend commented: “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 recently reported an operating profit of €3.78bn in Q2 2023.