JSE-listed financial services group Sanlam together with Allianz, a German multinational financial company, are partnering to create the largest non-banking financial services entity in Africa. The companies say the entity will generate a combined total group equity value of over R33 billion. According to a Sens statement, the companies will invest in the joint venture for at least 10 years.
In turn this is forecasted to generate economies of scale, broader geographic presence, larger combined market share, and a more diversified product offering. According to Sanlam group CEO Paul Hanratty, the partnership is in line with Sanlam’s ambition to be a leading Pan-African financial services group. Hanratty says the JV “will also strengthen our leadership position in multiple key markets that are core to our Africa strategy, building quality and scale where it matters.
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