Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurance companies, have received regulatory approval to launch a joint venture called SanlamAllianz. The new company will provide insurance and financial services in 27 African countries and aims to be one of the top three companies in terms of market share and profitability across all markets.
SanlamAllianz offers a wide range of products including life insurance, general insurance, retirement and savings solutions to both individual and corporate customers.
The total group capital value of the venture is expected to be approximately N$35 billion. South Africa is not included in the agreement, and Namibia will be integrated at a later stage.
As part of the launch, Sanlam Namibia was rebranded to Sanlam Allianz Namibia and entry into the new joint venture was completed. Namibia’s insurance and financial sector is an important and growing part of the economy. The non-banking financial services industry, including insurance, retirement and investment services, has total assets of approximately N$474 billion, reflecting its economic importance.
Namibia also has a relatively high insurance penetration rate in Africa at approximately 7.4% of GDP, indicating strong demand for life insurance, funeral protection, retirement plans and other financial products. Long-term insurance claims alone amounted to more than N$10.6 billion in 2024, demonstrating the important role the insurance industry plays in protecting individuals and businesses.
Local insurers meet most of the domestic demand, but specialized areas such as marine and aviation insurance are often sourced from overseas markets due to limited local underwriting capacity. The launch of SanlamAllianz is expected to help address these gaps, expand financial inclusion and provide innovative and digitally enabled products and services to Namibian customers.
Paul Hanratty, CEO of Sanlam Group, said: “SanlamAllianz brings significant value to our customers, shareholders and other stakeholders.
“Together, we can deliver innovative solutions that meet the evolving needs of our customers across Africa,” said Allianz Director Christopher Townsend.
He added that the partnership will give Sanlam Allianz leadership in both life and non-life insurance across the rapidly growing African market, creating opportunities for both corporate and individual customers alike.
“This joint venture is a major step in building a leading pan-African financial services company that combines the strengths of two global companies to deliver enhanced products, services and access across the continent,” he said.
Heinie Werth, CEO of SanlamAllianz, emphasized the group’s mission: “SanlamAllianz’s main objective is to expand access and empower generations in emerging markets to achieve financial security. We want the next generation to enjoy higher economic well-being, better education and skills, increased earning potential, and access to opportunities not available to their predecessors.”
Sanlam Allianz Namibia recognizes its responsibility to support Namibia’s economic development and inclusive growth. This includes creating new products, supporting the development of capital markets, attracting foreign direct investment, creating jobs, especially for young people, and helping small and medium-sized enterprises thrive.
The company remains committed to advancing financial inclusion across Africa, adapting to changing social needs and contributing to the economic empowerment and well-being of the communities it serves. -pmukokobi@nepc.com.na
