SanlamAllianz launches in Ghana after merger approval

Sanlam and Allianz have officially launched their joint venture, SanlamAllianz, in Ghana, aiming to leverage their combined global and pan-African expertise to unlock growth in the continent’s high-potential economies. 

The merger, aimed at creating shared value for stakeholders, follows regulatory approvals in Ghana, allowing the two companies to rebrand.

Sanlam, with more than 45-million insured lives on the continent, teamed up with Allianz, Europe’s largest insurer, last year. 

The partnership pools most of their businesses across Africa, creating a financial services joint venture worth more than R35bn. This venture enables Sanlam to enter the coveted northern Africa region expanding the operations.

Heinie Werth, a Sanlam veteran and former CEO of Sanlam Emerging Markets, was appointed CEO of SanlamAllianz last year. Werth, who has been with Sanlam since 2016 and served in various leadership roles, expressed enthusiasm about the new venture’s potential.

“Launching the SanlamAllianz brand in Ghana marks a new milestone for us and the broader financial services market. It demonstrates our strategy to leverage our expertise to create leading businesses in the economies where we choose to operate and supports our intention to enable access to financial services,” he said.

The joint venture’s top brass is marked by a commitment to local leadership and market knowledge. 

The CEOs of the two Ghanaian entities are Tawiah Ben-Ahmed, CEO and MD of SanlamAllianz Life Insurance Ghana, and Mabel Nana Nyarkoa Porbley, CEO and MD of SanlamAllianz General Insurance Ghana.

SanlamAllianz, which launched in September 2023, operates in 27 countries across the continent, making it the leading pan-African non-banking financial services company.

Paul Hanratty, CEO of Sanlam, previously highlighted the opportunities in life insurance outside SA, noting the low penetration rates as a key area for growth. “Life insurance penetration [outside SA] is still very low, and that’s where the big opportunity lies, clearly, to grow in that space,” Hanratty said.

In March Sanlam said the merger would benefit customers and expand access to financial services across the continent.

The company has set an ambitious target of reaching 50-million clients across Africa by next year, banking on its transformational tie-up with Allianz to drive growth and solidify its position as a leading financial services company on the continent.

goban@businesslive.co.za