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Home Economy Insurance

Sanlam – Allianz: Delphine Traoré and Robert Dommisse Position Their People

Writer: Adama WADE, Financial Afrik

by Techeconomy
May 8, 2024
in Insurance
0
Sanlam-Allianz JV
Sanlam-Allianz JV

Sanlam-Allianz JV

UBA
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Burkinabe Delphine Traoré, at the helm of the General Insurance division, and South African Robert Dommisse, in charge of the LIFE division, are the two key figures in the Sanlam-Allianz joint venture.

Delphine Traoré Allianz
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Delphine Traoré

The merger between Sanlam and Allianz, which received several favourable opinions from the Regional Insurance Control Commission (CRCA) of the Inter-African Conference on Insurance Markets (CIMA) on 17 February 2024, is currently being implemented.

Heinie Werth, CEO of Sanlam-Allianz, oversees the pan-African insurance company from Cape Town, with Burkinabe Delphine Traoré heading the joint venture’s General Insurance division, and South African Robert Dommisse in charge of the LIFE division.

Robert Dommisse Sanlam
Robert Dommisse

The two lieutenants are reportedly in an underground competition for Heinie Werth’s position, who is expected to step down by June 2025, possibly motivated by a substantial bonus linked to the completion of the JV?

The potential gain or loss of value associated with this merger is not the only parameter of this fusion that must be evaluated but also potential agency conflicts and human ambitions.

As part of the consolidation of the group’s entities and country operations, several senior executives, including managers, have been replaced—a process not without its tensions.

According to well-informed sources, the filled positions did not involve an open selection procedure.

“It is important to bear in mind that Allianz and Sanlam are publicly traded companies and, as such, they are supposed to demonstrate exemplary conduct and adhere to a rigorous and transparent evaluation process that ultimately benefits their shareholders and not personal interests,” opines a labour law specialist.

In any case, the unforeseen changes that have occurred have taken employees, markets, and regulatory authorities by surprise.

It was a shock for observers to discover that several high-ranking executives within the group, both at the central headquarters in Casablanca and in the subsidiaries, were dismissed despite an exceptional year in 2023.

Take, for example, the situation in Côte d’Ivoire, where the leaders of Sanlam Non-Life Côte d’Ivoire (the CEO and two Deputy CEOs) abruptly left a subsidiary generating nearly 60 billion FCFA, almost double the activities of Allianz Côte d’Ivoire Non-Life. Similar actions are being taken in Cameroon and Senegal, and plans are in place to continue in other countries.

The wind of change does not spare Morocco where the influential Aïcha Lebsir, regional head Marketing of the Group, was reportedly asked to pack up.

Similarly, Aline Chambaret, the HR Director of SanlamAllianz GI, with 20 years of tenure, is on her way out, pushed towards the door.

Thus, to the inherent challenges of any merger, such as the integration of IT tools (a sector to watch), is added the issue of management consistency of human resources and the consolidation of relationships with brokers. They fear an impact on the quality of servicing due to the imposition of Allianz’s model over Sanlam’s.

The joint venture was formed, it is worth noting, by the absorption of Sanlam’s subsidiaries by those of Allianz, which has implications for the chosen method of evaluation and calculation modes.

While awaiting the final green lights from some regulators, this merger dossier raises more questions than it provides answers.

Do the marriage of these two giants aim to consolidate and develop, or on the contrary, to take advantage of a rather low valuation, to sell off some “shaky” subsidiaries and realise substantial gains? Wait and see.

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Tags: Aïcha LebsirBurkinabe Delphine TraoréRobert DommisseSanlam-Allianz
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