Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers, have received regulatory approval to launch a joint venture called SanlamAllianz. The new company offers insurance and financial services in 27 African countries, aiming to become one of the top three players in market share and profitability across its markets.
SanlamAllianz provide a broad range of products for both retail and corporate clients, including life insurance, general insurance, retirement and savings solutions.
The venture is expected to have a combined group equity value of approximately N$35 billion. South Africa is not included in the agreement, and Namibia is scheduled to be integrated at a later stage.
As part of the launch, Sanlam Namibia has rebranded as SanlamAllianz Namibia, completing its entry into the new joint venture. The Namibian insurance and financial sector is an important and growing part of the economy. The non-banking financial services industry, which includes insurance, retirement funds, and investment services, has assets totaling around N$474 billion, reflecting its economic significance.
Namibia also has a relatively high insurance penetration rate for Africa, at about 7.4% of GDP, indicating strong demand for life insurance, funeral cover, retirement planning, and other financial products. Long-term insurance claims alone reached over N$10.6 billion in 2024, showing the industry’s vital role in protecting individuals and businesses.
Local insurers meet most domestic demand, specialised areas such as marine and aviation insurance are often sourced from foreign markets due to limited local underwriting capacity. The launch of SanlamAllianz is expected to help address these gaps, expand financial inclusion, and offer innovative, digitally enabled products and services to Namibian customers.
“SanlamAllianz will create significant value for clients, shareholders, and other stakeholders,” said Paul Hanratty, CEO of Sanlam Group.
“Together, we can provide innovative solutions to meet the evolving needs of clients across Africa,” said Christopher Townsend, board member of Allianz.
He added that the partnership positions SanlamAllianz to gain leadership in both life and general insurance across fast-growing African markets, unlocking opportunities for corporate and retail customers alike.
“This joint venture represents a major step in building a leading pan-African financial services company, combining the strengths of two global players to provide enhanced products, services, and access across the continent,” he said.
Heinie Werth, CEO of SanlamAllianz, reinforced the group’s mission that “SanlamAllianz’s core purpose is to expand access and empower generations in emerging markets to achieve financial security. We want the next generation to enjoy greater financial well-being, better education and skills, improved earning potential, and access to opportunities their predecessors might not have had.”
SanlamAllianz Namibia recognises its responsibility to support Namibia’s economic development and inclusive growth. This includes creating new products, supporting capital market development, attracting foreign direct investment, generating jobs especially for young people, and helping small businesses to flourish.
The company remains committed to championing financial inclusion across Africa, adapting to changing societal needs and contributing to the economic empowerment and well-being of the communities it serves. -pmukokobi@nepc.com.na