Joy Agwunobi
SanlamAllianz, the pan-African joint venture between Sanlam and Allianz, has unveiled an ambitious target to more than double its earnings by 2030, reaffirming its position as Africa’s leading insurance powerhouse outside South Africa.
The company disclosed this in a statement outlining its growth strategy and revised financial objectives following its 2025 Capital Markets Day.
According to Heinie Werth, chief executive officer of SanlamAllianz, the long-term growth potential across the continent presents a rare opportunity for transformation in the global insurance industry.
“Africa represents one of the most compelling long-term growth opportunities in the global insurance landscape,” Werth said, “With low penetration, strong GDP growth, and a youthful, digitally connected population, the continent is poised for transformation. SanlamAllianz combines Sanlam’s local expertise with Allianz’s global scale to lead that journey.”
SanlamAllianz enters this next phase of expansion from what it described as a position of “undeniable strength.”Operating in 26 countries, the insurer holds top-three positions in 18 general and 15 life insurance markets, commanding a 16 percent share in both segments.
In the first half of 2025, the company reported robust performance despite macroeconomic headwinds. Attributable earnings surged by 124 percent to R3.8 billion, while general insurance premiums grew eight percent year-on-year to R19.4 billion. Life insurance premiums also climbed 10 percent to R13.4 billion, underscoring the resilience of its diversified operations.
SanlamAllianz cited Africa’s accelerating economic trajectory as a key driver of its strategic direction. With East and West Africa projected to power the continent’s GDP growth through 2030, and with 70 percent of the population under 35, the insurer believes digital innovation and financial inclusion will reshape the market landscape.
Werth noted that Africa’s fundamentals, a fast-growing economy, low insurance penetration, and a tech-savvy young population position the continent for exponential growth.
“SanlamAllianz is primed to turn this potential into sustained value by delivering relevant products, scaling smart distribution, and building digital ecosystems that bring insurance within reach of millions more Africans,” he said.
To achieve its 2030 earnings goal, SanlamAllianz outlined a five-pronged growth strategy. The plan focuses on completing the integration of the Sanlam and Allianz businesses to unlock synergies across its footprint, defending and expanding market share to secure top-three positions in each country, and selectively entering new high-growth markets while exiting less attractive ones.
The company also plans to deepen its bancassurance and agency partnerships to broaden access to insurance products, while driving cost and capital efficiencies through shared innovation and digital transformation.
SanlamAllianz said its focus will remain on creating scalable, technology-driven solutions that deliver both profitability and impact, in line with its mission to make insurance more inclusive across Africa’s diverse economies.
With its strong operational base and clear roadmap to 2030, the group believes it is well-positioned to sustain growth, enhance shareholder value, and shape the future of insurance on the continent.
Stanbic IBTC unveils new era of pension flexibility for Nigerians
Stanbic IBTC Pension Managers Limited, a subsidiary of Stanbic IBTC Holdings PLC, has reaffirmed its commitment to deepening pension inclusion by offering more flexible savings options for Nigerians both locally and in the diaspora.
The company said the move aligns with the National Pension Commission’s (PenCom) recent regulatory reforms designed to enhance accessibility, inclusiveness, and global participation in Nigeria’s pension system.
Speaking during a media briefing at the company’s headquarters in Lagos, Olumide Oyetan, chief executive of Stanbic IBTC Pension Managers, explained that the new framework introduces two distinct options — the Personal Pension Plan (PPP) and Foreign Currency (FCY) Pension Contributions, aimed at accommodating the diverse earning patterns and financial realities of Nigerians in today’s evolving economy.
According to Oyetan, the Personal Pension Plan (PPP), previously known as the Micro Pension Plan, allows self-employed individuals, informal sector workers, and freelancers to build retirement savings at their own pace. It also enables employees in the formal sector to make additional voluntary contributions beyond the mandatory pension scheme.
“Through the PPP, participants can contribute as they earn, make partial withdrawals of up to 50 percent after three months of their initial deposit, and enjoy flexible investment options suited to their financial goals,” he explained.
He added that contributions under the PPP are tax-free after five years, with participants able to choose between conservative and growth investment funds for better control of their savings.
Oyetan also highlighted the introduction of the Foreign Currency (FCY) Pension Contributions framework, which allows Nigerians earning in foreign currencies—whether at home or abroad—to make pension contributions in US dollars.
“This structure enables contributors to hedge against currency depreciation and benefit from a broader range of global investment opportunities, such as Eurobonds, Global Depository Notes, and Exchange-Traded Funds (ETFs),” Oyetan noted. Withdrawals, he said, can be made after six months from the contingent portion of the account, while long-term balances are preserved for retirement. Benefits are payable in dollars or converted to naira at the contributor’s request.
Commending PenCom for its forward-looking reforms, Oyetan said the regulator’s initiatives reflect the dynamic nature of Nigeria’s workforce and the increasing global mobility of Nigerians.
“These enhancements reflect the evolution of Nigeria’s workforce and the increasing global mobility of Nigerians,” he said, while also adding “At Stanbic IBTC Pension Managers, we are committed to helping individuals whether self-employed, salaried, or earning in foreign currency take full advantage of these opportunities through expert guidance, transparent processes, and a seamless digital experience.”
Oyetan reaffirmed the company’s commitment to financial inclusion, trust, and long-term retirement planning, stressing that Stanbic IBTC Pension Managers will continue to align its services with PenCom’s vision of a more inclusive, technology-driven, and globally competitive pension industry.
“With over two decades of leadership in Nigeria’s pension industry, we remain dedicated to ensuring that every Nigerian, regardless of where or how they earn, has access to a secure and flexible retirement plan,” he added.
The company said it will continue to leverage technology and financial innovation to bridge pension accessibility gaps and empower Nigerians to take charge of their retirement future.
