Santam, Sanlam’s short-term insurance subsidiary, may stand to gain the most from the latter’s tie-up with German giant Allianz in 29 African markets. 

Last week, Sanlam announced an arrangement with the German insurer to create a R33bn enterprise (based on group equity value) which will hold one of the top three spots in most markets in Africa. As part of the 10-year deal, Sanlam will contribute its African assets outside SA and Namibia, while Allianz will do the same in a 60:40 split between the two insurers...