African Business

National Insurance Commission approves Sanlam, Allianz Group Ghana Merger

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The SanlamAllianz Group has announced that it has obtained final approval from the National Insurance Commission (NIC) to proceed with the planned merger between Sanlam Life Insurance Ghana LTD. and Allianz Life Insurance Ghana LTD, as well as between Sanlam General Insurance Ghana LTD and Allianz Insurance Ghana LTD.

This development follows the announcement made in September 2023 regarding the closure of the SanlamAllianz joint venture, encompassing 27 countries across Africa, with a combined enterprise value of nearly US$2 billion.

According to a statement by the organization, the merger between Sanlam and Allianz would enable the Ghanaian market to leverage the combined expertise of two major financial services groups. These groups recognized both on the African continent and globally, bring together over 200 years of cumulative experience in Africa and beyond. 

The Chief Executive Officer (CEO) of SanlamAllianz, Heinie Werth expressed his confidence in the merger in Ghana as it will create significant value for their clients, shareholders and other stakeholders. 

“The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients,” he explained.

The merger is also anticipated to make a substantial contribution to the overall advancement of the Ghanaian insurance market. This is due to the introduction of an innovative range of products and services tailored to all market segments.

With the growth strategy and diversified financial services capabilities of the SanlamAllianz Group, the combined business in Ghana offers numerous opportunities for operational synergies. This presents significant potential for value creation, benefiting the sector, its clients, agents, brokers, partners, and employees alike.

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