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.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze