Allianz, Sanlam In Deal To Combine Operations In Africa

(RTTNews) - German insurance and asset management company Allianz SE (AZSEY.PK) announced Wednesday its agreement with Sanlam, a pan-African financial services group, to combine their current and future operations across Africa to create an African insurance major.

The agreement is subject to certain conditions.

The deal is expected to create the largest Pan-African non-banking financial services entity on the continent, operating in 29 countries. The entity is expected to have a combined total group equity value or GEV in excess of 33 billion South African rand or around 2 billion euros.

The joint venture is expected to house the business units of both Sanlam and Allianz in the African countries where one or both companies have a presence. Namibia will be included at a later stage and South Africa is excluded from the agreement.

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.