The SanlamAllianz Group has announced it has received a final no objection from the National Insurance Commission (NIC) to proceed with the planned merger between Sanlam Life Insurance Ghana Limited and Allianz Life Insurance Ghana Limited, as well as Sanlam General Insurance Ghana Limited and Allianz Insurance Ghana Limited.

This follows the announcement in September 2023 of the closing of the Sanlam Allianz joint venture, which covers 27 countries across Africa for a combined enterprise value of nearly $2 billion.

The merger between Sanlam and Allianz will allow the Ghanaian market to benefit from the combined expertise of two major financial services groups, which are known and recognised on an African and a global scale and carry more than 200 years of cumulative experience in Africa and beyond.

“We are confident that our merged businesses in Ghana will create significant value for our clients, shareholders and other stakeholders. The combined expertise and resources of our respective companies will enable us to provide innovative solutions and services to meet the ever-evolving needs of our clients,” said Heinie Werth, CEO of SanlamAllianz.

The merger is also expected to contribute significantly to the overall development of the Ghanaian insurance market, thanks to an innovative range of products and services adapted to all market segments.

Given the SanlamAllianz Group’s growth strategy and diversified financial services capabilities, the organisation’s combined business in Ghana presents various opportunities for operational synergies, creating significant potential for value creation that will benefit the sector, its clients, agents, brokers and partners, as well as its employees.

Sanlam Life Insurance Ghana Limited and Sanlam General Insurance Ghana Limited are members of SanlamAllianz Group, a leading pan-African non-banking financial services company with a presence in 27 African countries.

Allianz Ghana, made up of Allianz Life Insurance Ghana Limited and Allianz Insurance Ghana Limited are subsidiaries of the Allianz Group. The Allianz Group is one of the world's leading insurers and asset managers with around 125 million private and corporate customers in nearly 70 cou