This follows the regulatory approvals the Sanlam and Allianz businesses in Ghana obtained recently to merge and rebrand to SanlamAllianz.

The joint venture, which was launched in September 2023, is the leading pan-African non-banking financial services company, which operates in 27 countries across the continent.

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, and 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 through innovative, cutting-edge technology and diverse financial services that create shared value for all stakeholders.

Mr Heinie Werth, SanlamAllianz CEO, said:

“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.”

“The joint venture will also leverage the combined economies of scale of our shareholders, Sanlam and Allianz, as well as greater distribution opportunities, shared knowledge, and existing partnerships in telecommunications and bancassurance to benefit our customers,” Mr Werth added.

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The Pan-African underwriting firm also posted a Gross Premium Written (GPW) of N11.4 billion, marking another successful year for Sanlam, which rebranded from FBN General Insurance Limited in September 2022.

Sanlam Nigeria is now wholly owned by the Sanlam Group, South Africa, following the divestiture of FBN Holdings’ 65% stake in June 2020.

According to a statement signed by Sanlam General Insurance Nigeria Limited’s manager, Marketing & Corporate Communications, Ajibola Liyide, the company’s Managing Director/CEO, Bode Opadokun, “N11.4 billion GPW reflects Sanlam General Insurance Nigeria Limited’s ability to provide high-quality insurance services to its clients, leading to continued financial growth.”

“The company’s financial success in 2022 is a testament to its commitment to providing innovative solutions to meet the diverse needs of its clients, offering both personal and business insurance products.”

Opadokun restated the company’s commitment to satisfying its clients, noting that “we take our business of risk management very seriously, and there is no gainsaying that the settlement of genuine claims is our primary obligation to our esteemed policyholders.”

He reassured the customers of the firm’s ongoing commitment to keeping their trust while upholding its status as a top insurance brand in the market.

The post Sanlam Policyholders Receive N3.1 Billion Insurance Claims appeared first on Tech | Business | Economy.

This combination means that customers across Africa will benefit from the expertise and financial strength of two respected and well-known brands.

The joint venture will house the business units of both Sanlam and Allianz in the African countries where one or both companies have a presence.

Meanwhile, Namibia will be included at a later stage and South Africa is excluded from the agreement.

Strong synergies

The combined operations of Sanlam and Allianz will create a premier 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 be ranked in the top three, in the majority of the markets where the entity will operate.

The entity is expected to have a combined total group equity value (GEV) in excess of 33 billion South African rand (approximately 2 billion euros).

Sanlam and Allianz will leverage each other’s strengths to unlock synergies and provide customers with best-in-class, innovative insurance solutions and technical excellence.

The joint venture will create value for all stakeholders through greater economies of scale, broader geographic presence, larger combined market share, and a more diversified product offering.

Combining Sanlam’s expertise in Africa with Allianz’s global capabilities and insurance solutions, particularly for multinational businesses, the partnership aims to increase life and general insurance penetration, accelerate product innovation and drive financial inclusion in high-growth African markets.

“In line with Sanlam’s stated ambition to be a leading Pan-African financial services group, the proposed joint venture will enable us to take a significant step towards realising that ambition. It will also strengthen our leadership position in multiple key markets that are core to our Africa strategy, building quality and scale where it matters. We are delighted to have Allianz as partners and believe their expertise and financial strength will add tremendous value to our businesses,” says Paul Hanratty, Group CEO Sanlam.

“In accordance with our enterprise strategy to expand our leadership position through scale and new partnership models, Allianz is pleased to accelerate its growth in this important region through a partnership with the undisputed market leader. Sanlam’s capabilities extend our local reach and market penetration, and the joint venture allows us to establish leading positions in key growth markets for Allianz,” says Christopher Townsend, Member of the Board of Management of Allianz SE.

“Further, Sanlam shares our company values, our purpose of securing the future for our clients, and our long-term, generational approach to growing in new markets.”

The chairmanship of the joint venture partnership will rotate every two years between Sanlam and Allianz. The CEO of the entity will be named in due course.

The agreement is subject to certain conditions precedent, including but not limited to the receipt of required approvals from competition authorities, financial/insurance regulatory authorities and any customary conditions that Sanlam and/or Allianz would be required to fulfil for each jurisdiction.

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