The Moroccan Authority for the Control of Insurance and Social Insurance (Acaps) approved this Wednesday, October 10 for the sale of the Saham Group’s insurance division to the South African group Sanlam.
Sanlam and Santam have therefore finalized the acquisition of the remaining 53.37% stake in SAHAM Finances. That takes effect this Thursday, October 11th.
This operation follows the obtaining of various regulatory approvals from the regulatory authorities of the countries concerned. Thus, Sanlam now owns 90% of SAHAM Finances, the remaining 10% being held by Santam.
According to Sanlam CEO Ian Kirk, « The completion of this transaction marks a milestone in the deployment of our vision to build Sanlam into a premier financial group on the continent. Synergies and the joint expertise of Sanlam, Santam and SAHAM Finances give Sanlam Group the opportunity to develop its life insurance business in French-speaking markets and take advantage of the Group’s expertise to develop its investment portfolio. non-life insurance.
This acquisition gives birth to a pan-African financial services group able to offer a complete range of products to individual and corporate customers.
The size and international reach of Sanlam represent considerable strategic assets that enable it to develop its multinational customer portfolio, consolidate its position in the specialized risk market, life and health insurance and be the reference partner for insurers that do not to date, no presence in Africa.
It also strengthens Sanlam’s direct presence in 33 countries, from Cape Town to the Maghreb, to East and West Africa; giving it prime access to the insurance market on the continent.
As a reminder, the partnership between the two groups dates from 2016, with the acquisition of a 30% stake in SAHAM Finances by Sanlam Emerging Markets. A year later, Sanlam increased its stake to 46.6% in the company’s capital.