Sanlam-Allianz Insurance Merger Launched in Ghana

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Image of Sanlam and Allianz logos
Sanlam and Allianz have launched their joint venture brand in Ghana after receiving regulatory approval to merge and rebrand their businesses

Launched in September 2023, the SanlamAllianz joint venture (JV) is a pan-African non-banking financial services company with a presence in 27 countries across the continent. This follows the regulatory approvals that the Sanlam and Allianz businesses in Ghana recently obtained to merge and rebrand to SanlamAllianz.

The CEOs of the two businesses are Tawiah Ben-Ahmed, Chief Executive Officer/MD of SanlamAllianz Life Insurance Ghana, and Mabel Nana Nyarkoa Porbley, Chief Executive Officer/MD of SanlamAllianz General Insurance Ghana.

SanlamAllianz’s ambition is to leverage its global and pan-African expertise to unlock growth in Africa’s high-potential economies, in line with its purpose to empower generations to be financially confident, secure, and prosperous. This will be achieved through supporting financial inclusion using innovative, cutting-edge technology and diverse financial services that create shared value for all stakeholders.

Strategic Vision and Goals

SanlamAllianz CEO, Heinie Werth, states, “Launching the SanlamAllianz brand in Ghana marks a new milestone for us and the broader financial services market and our commitment to doing business in Ghana. It demonstrates our strategy to leverage our expertise to create leading businesses in the economies where we choose to operate and supports our intention to enable access to financial services.”

He added that the joint venture will leverage the combined economies of scale of their shareholders, Sanlam and Allianz, as well as greater distribution opportunities, shared knowledge, and existing partnerships in telecommunications and bancassurance to benefit customers.

The joint venture aims to be among the top three players in both market share and profitability in the markets where it operates. With an expected combined group equity value (GEV) of approximately R35 billion, SanlamAllianz offers retail and corporate clients a broader range of insurance products and best-in-class financial solutions. Their strategy includes focusing on driving financial inclusion through digital innovation, leveraging telecommunications and bancassurance partnerships, and enhancing product and service offerings in both property and casualty as well as life insurance.

Christopher Townsend, board member of Allianz SE, emphasized that SanlamAllianz has the capability to gain leadership positions in all key markets, aiming to unlock the potential of multiple fast-growing African markets and access a wider range of customers, particularly in the corporate segment. This partnership builds on Allianz’s 100-year legacy in Africa and deepens its commitment to the continent.

Paul Hanratty, CEO of Sanlam Group, highlighted that the joint venture marked a significant step forward in implementing Sanlam’s strategy, focusing on improving insurance penetration in Africa through a combination of financial strength, scale, new technology, and a tangible commitment to the customer.

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