Browsing: Sanlam

$2.1 billion landmark merger between Insurance giants Allianz and Sanlam. www.theexchange.africa

Insurance giants Allianz, Sanlam sign US$2.1 billion merger

Investing
  • Allianz reports that the overall group equity value is estimated to be more than US$2.1 billion, and the new business is likely to rank in the top three in the majority of the areas in which it operates.
  • Initially, Sanlam will retain a 60 per cent stake in the joint venture, with Allianz holding a 40 per cent stake and the option to purchase an additional nine per cent at a later date
  • Insurance penetration in Africa is considerably lower than the global average, standing at 2.78 per cent in 2019 compared to 7.23 per cent globally
  • Only about 1 per cent of the population in Sub-Saharan Africa has insurance coverage

South African insurer Sanlam and German insurance giant Allianz have agreed to create a joint venture that will consolidate both their present and future activities across Africa.

The largest non-banking financial services institution in Africa

The partnership between the …

sanlam Kenya

Sanlam restructures foreign currency loans amid Sh291.8mn loss

Business

Sanlam Kenya PLC says it has restructured its foreign currency-denominated loan into a local currency facility.

In a statement, the listed non-bank financial services provider says the move is geared at preserving shareholder value.

During the first six months of the year, Sanlam says it restructured US$27 million loans into a Sh3 billion facility with a local banking institution to mitigate against future forex losses occasioned by the weakening of the Kenya Shilling against the United States dollar.

The move comes at a time when the company has posted a Sh291.8 million loss, up from a Sh99.1 million loss posted in the same period last year.

The financial services provider has attributed the loss to one-off forex losses and a more prudent company stance towards provisioning as the business carefully manages its future financial outcomes in a recovery period from the onset of the covid-19 pandemic in 2020.

Sanlam pretax …