Sanlam and Allianz move forward with their pan-African merger: South African non-banking financial services firm Sanlam and global insurer Allianz have received regulatory approvals to merge the bulk of their African operations, creating the largest pan-African non-banking financial services business on the continent, according to a joint press release (pdf). The companies first revealed the merger plans in May 2022.

No change for Allianz Egypt: The group’s subsidiaries — Allianz Ins. and Allianz Life — will continue their normal operations under the same board of directors, Allianz Egypt CEO Ayman Hegazy told us last year.

A frican NBFS juggern a ut: The combined business, dubbed SanlamAllianz, will operate in 27 African countries and is expected to have an equity value of some ZAR 35 bn (USD 1.8 bn). Namibia will be added at a later stage, while Sanlam will retain a standalone presence on its home turf in South Africa. “SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate,” the statement reads.

CEO named: Heinie Werth (LinkedIn), the current CEO of Sanlam Emerging Markets, will head up SanlamAllianz.

A 40-60 split: Allianz will hold a 40% stake in the new JV, a company official told us last year, with the option to increase that to 49% and obtain management rights.

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