Europe’s largest re/insurer mulling ‘strategic alternatives’ in Africa

Germany's insurance giant  Allianz SE, one of the leading insurers in the eurozone with a strong global presence, is mulling strategic options for its business in Africa with one of the largest financial services groups on the continent.

African insurer Sanlam revealed on Wednesday (December 21) that it was exploring “strategic alternatives” with Allianz SE for their respective African business units, excluding South Africa, without going into details in its brief statement.

“If these strategic alternatives result in a transaction which is successfully concluded, it may have a material effect on the price of Sanlam’s securities. Accordingly, shareholders are advised to exercise caution when dealing in Sanlam's securities until a further announcement in this regard is made,” the company's statement said.

Reuters cited a spokesperson of Allianz as saying: “We always look to develop our business and that involves exploring areas for strategic cooperation that could accelerate profitable growth.”

Sanlam is a pan-African financial services provider headquartered in South Africa, operating across a number of selected global markets.

Allianz has several businesses operating on the continent with underwriters and claims officers in Cameroon, Congo, Côte d’Ivoire, Ghana, Kenya, Madagascar, Morocco, Nigeria and Senegal. Allianz Africa currently operates in 12 countries and works closely with the AGCS teams in South Africa and Allianz Egypt.

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