Mr. Amine Benabbou
Head of Business Division, Africa and Middle East
The recent joint venture between Allianz and Sanlam to create the single largest insurance entity in Africa plans to operate as a leading market player in 29 countries on the continent.
Mr. Amine Benabbou, Head of Business Division, Africa and Middle East at Allianz SE said the two iconic brands are poised to change the industry landscape in Africa going forward.
“Allianz and Sanlam’s respective footprints in Africa (excluding South Africa) currently overlap in 12 countries. In addition to these the joint venture will also be able to add a further 17 markets in which either Allianz or Sanlam operate. This will allow the JV, subject to regulatory approvals, to span across 29 markets on the continent, making it the largest insurance player in Africa.”
Benabbou said the core objective of the joint venture is to be the largest pan-African insurance player with a meaningful market positioning in the majority of the markets in which it will operate.
“Allianz sees a number of strategic benefits in this partnership, including the ability to combine Sanlam’s experience, knowhow, and footprint with Allianz’s broad expertise and global capabilities. The partnership will also enable the joint venture to further strengthen its position in key markets on the continent, by achieving scale as well as improved geographic and product diversification. Ultimately, we believe the joint venture will maximize value creation for both Allianz and Sanlam and their respective stakeholders, leveraging on best practice sharing and leaner operations.”