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Allianz Europe BV, a wholly owned subsidiary of Allianz SE, has increased its shareholding in Sanlam Allianz Africa Proprietary Limited (“SanlamAllianz”) to 49%. The transaction, known as the “Allianz Step-up Transaction,” marks a significant milestone in the strategic partnership between Sanlam and Allianz on the African continent.
Sanlam Emerging Markets (Pty) Ltd (“SEM”), a wholly owned subsidiary of Sanlam, will sell an additional 8.59% of its stake in SanlamAllianz to Allianz Europe BV.
The initial cash consideration for the sale is R4.5 billion, subject to adjustments based on the audited financial statements of SanlamAllianz as of December 31, 2024.
Upon completion, the shareholding split will be 51% for SEM and 49% for Allianz Europe BV.
The transaction is contingent upon regulatory approvals across relevant jurisdictions.
A Pan-African vision Sanlam and Allianz initially entered a strategic joint venture in May 2022, combining their African operations (excluding South Africa) to form Sanlam Allianz Africa. This partnership aims to create the largest Pan-African non-banking financial services entity, operating across 29 countries.
Sanlam’s operations in Namibia were integrated into Sanlam Allianz Africa in October 2024.
The joint venture leverages the complementary strengths of Sanlam’s deep local expertise and Allianz’s global capabilities.
It focuses on scaling operations, enhancing geographic reach, and offering diversified insurance products to drive financial inclusion and innovation in high-growth African markets.
Insurance. Photo by Gabby K from Pexels Strategic synergies and market leadership Sanlam Allianz Africa is poised to become a premier player in Africa’s financial services sector, targeting top-three market positions in most countries it operates.
With a combined group equity value exceeding R33 billion (approximately €2 billion), the partnership enhances customer benefits through economies of scale and innovative insurance solutions.
In 2002, Paul Hanratty, Group CEO of Sanlam, highlighted the importance of the partnership: “This joint venture is a critical step towards realising our ambition of becoming a leading Pan-African financial services group. Allianz’s expertise and financial strength will create substantial value, reinforcing our leadership in core markets.”
Also at the same time, Christopher Townsend, Member of the Board of Management at Allianz SE, echoed the sentiment: “Our partnership with Sanlam accelerates our growth in Africa, aligning with our strategy to expand through scale and innovative partnerships. Together, we aim to establish market leadership in key regions while securing the future for our clients.”
Governance and leadership The joint venture’s chairmanship will rotate every two years between Sanlam and Allianz. Details regarding the appointment of the CEO for the entity will be announced in due course.
The Allianz Step-up Transaction represents a significant step toward transforming Africa’s financial services landscape. By combining strengths, Sanlam and Allianz aim to enhance insurance penetration, foster innovation, and create long-term value for customers and stakeholders across the continent.
Sanlam And MTN’s InsurTech Alliance Kicks Off As Transaction Is Approved November 1, 202202 Mins Read FacebookTwitterPinterestLinkedIn
aYo MTN Sanlam and MTN Group are pleased to announce that our strategic alliance to market and distribute insurance and investment products across Africa has reached a significant milestone with the fulfilment of the regulatory, competition and other requirements.
The effective date of the transaction is 31 October 2022.
The strategic alliance will be implemented through MTN Group’s InsurTech platform aYo Holdings (aYo) and each partner will hold 50% of aYo.
Through aYo, the alliance will continue to build and develop digital insurance and investment offerings that provide people across Africa with easier access to Sanlam’s products, particularly those people who have typically been unable to access traditional distribution channels.
MTN Group President and CEO Mr Ralph Mupita said the alliance was aligned to the Group’s strategic intent to lead digital solutions for Africa’s progress: “We are confident that this alliance will build and leverage the strengths and assets of both companies to establish a digital insurance and investment capability across Africa.”
Said Sanlam Group CEO, Mr Paul Hanratty: “We are delighted to reach such a critical stage in our drive to deepen penetration of insurance and investment products across Africa through strategic partnerships.”
Sanlam Life Is Buying 60% Of Multichoices Insurance Business June 18, 202403 Mins Read FacebookTwitterPinterestLinkedIn
DSTV Sanlam Life, a wholly-owned subsidiary of Sanlam, will acquire a 60% shareholding in MultiChoice’s insurance business, NMS Insurance Services (SA) from MultiChoice.
Sanlam Life is buying NMSIS for an upfront cash consideration of R1.2 billion and a potential performance based cash earn-out, measured at 31 December 2026, of up to a maximum consideration of R1.5 billion.
MultiChoice to retain a substantial 40% interest in NMSIS and 40% in the broader commercial venture with Sanlam, allowing MultiChoice to continue benefiting from the high-growth potential of this segment while maximising value for its shareholders.
A pre-acquisition dividend of R59.0 million will be declared by NMSIS of the assets held in excess of its minimum solvency capital requirement as at its financial year ended 31 March 2024.
As part of the deal, Sanlam said it has entered a long-term commercial arrangement with MultiChoice to expand insurance and related financial service offerings into the broadcaster’s extensive subscriber base of 21 million households across 50 countries on the African continent.
NMSIS is micro-insurer and authorised financial services provider, is licensed to underwrite both non-life and life insurance products. It has been writing insurance for the past 20 years under the DStv brand of MultiChoice focussing on device, installation, funeral, subscription waiver and debt waiver insurance products.
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