Sanlam’s “transformative” joint venture with Europe’s largest insurer, Allianz, has been in the making for at least a decade, with on and off informal discussions between the parties over the years, the venture’s new CEO, Heinie Werth, has revealed.

The closure of the deal on Tuesday marks a major coup for Sanlam boss Paul Hanratty, who has accomplished what some of his predecessors could no’t — taking the group to the coveted Egypt market, which the joint venture opens for the group...

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