SanlamAllianz arrives in Ghana following merger deal
July 29, 2024270 views0 comments
Cynthia Ezekwe
In a groundbreaking move, two major players in the insurance and financial services sectors, the pan-African insurance giant Sanlam and the multinational financial services powerhouse Allianz, have joined forces to launch SanlamAllianz, a joint venture brand. The birth of SanlamAllianz is the culmination of the recent approval by regulators for the merger of Sanlam and Allianz’s Ghanaian businesses, a process that is expected to bring together the best of both companies, combining their global expertise and innovative solutions for the benefit of customers in the West African market.
The partnership combines the global expertise, innovative solutions, and industry acumen of the two leading non-banking financial services companies to create a dynamic offering for customers in West Africa.
The SanlamAllianz joint venture was launched in September 2023, bringing together the strengths of the two financial services titans in a single powerhouse entity. SanlamAllianz boasts of being the leading non-banking financial services company operating across 27 countries in Africa.
SanlamAllianz aims to harness its global and pan-African expertise to tap into the vast growth potential of Africa’s emerging economies. Guided by its purpose, the company seeks to empower future generations by fostering financial confidence, security, and prosperity.
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In a statement the merged entity said this vision will be realised through the development of innovative, tech-driven financial solutions and a diverse range of services that promote financial inclusion and create lasting value for all stakeholders.
SanlamAllianz also stated that its 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 is set to be achieved through supporting financial inclusion through innovative, cutting-edge technology and diverse financial services that create shared value for all stakeholders.
Commenting on the merger, Heinie Werth, chief executive officer, SanlamAllianz 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.”
Werth added that the joint venture will also leverage the combined economies of scale of its shareholders, Sanlam and Allianz, as well as greater distribution opportunities, shared knowledge, and existing partnerships in telecommunications and bancassurance to benefit its customers.