Sanlam and Allianz Join Forces to Create Sanlam Allianz Africa

In a strategic move aimed at fortifying their presence across the African continent, two financial giants, Sanlam Limited and Allianz SE, have officially unveiled their joint venture, Sanlam Allianz Africa. Following the receipt of regulatory approvals from regional authorities on September 5, 2023, this partnership is set to reshape the landscape of non-banking financial services in Africa.

1. The Birth of Sanlam Allianz Africa

The inception of Sanlam Allianz Africa can be traced back to May 2022 when Sanlam Limited, a prominent South African company listed on the Johannesburg Stock Exchange, and Allianz SE, a global leader in financial services, announced their plans to merge their current and future operations across Africa. This visionary move aimed to create the largest Pan-African non-banking financial services entity on the continent, with a footprint spanning 27 countries.


2. The Ownership Structure

Sanlam Limited’s involvement in the joint venture stems from its 100% ownership of Hubris Holdings Limited, which, in turn, holds a 57.14% stake in Sanlam Kenya Plc. The formation of the joint venture was solidified through definitive agreements signed between Sanlam South Africa and select entities within Allianz SE on May 4, 2022. To ensure a balanced partnership, Sanlam and Allianz have settled on an initial ownership split of 60:40, respectively, in the joint venture company (JVCo). This structure guarantees that Allianz, with approximately 40% ownership in JVCo, does not acquire ‘effective control’ of Sanlam Kenya, as per the Capital Markets (Take Overs and Mergers) Regulations 2002. Importantly, this arrangement signifies that there will be no immediate alteration in the direct shareholding of Sanlam Kenya.

3. The Vision of Sanlam Allianz Africa

The newly established Sanlam Allianz Africa joint venture is poised to become the central hub for the combined operations of Sanlam and Allianz in African countries where either or both companies are currently active. This strategic collaboration is designed to harness the strengths, expertise, and resources of both organizations, ultimately delivering a broader spectrum of insurance and financial services. This synergy will not only enhance the customer experience but also create value for shareholders.


4. Impact on Sanlam Kenya Shareholders and Investors

With the potential implications for the value of Sanlam Kenya shares, the company’s shareholders and other investors have been advised to exercise caution when engaging in transactions involving Sanlam Kenya shares on the Nairobi Securities Exchange. As the financial landscape in Africa evolves through this groundbreaking partnership, stakeholders will be closely monitoring the developments and opportunities that arise within the Sanlam Allianz Africa venture.


The birth of Sanlam Allianz Africa represents a significant milestone in the African financial services sector. This strategic partnership between Sanlam Limited and Allianz SE opens doors to new possibilities, offering a broader array of services to customers and creating value for shareholders. As the joint venture sets its sights on a dynamic future across Africa, it will undoubtedly shape the industry and redefine the way financial services are delivered on the continent.