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Voluntary announcement

Allianz Europe BV increases its shareholding to 49%  in Sanlam Allianz Africa Proprietary Limited

Allianz SE | Munich | Dec 20, 2024

The board of directors of Sanlam is pleased to advise Sanlam shareholders that Sanlam, through its wholly owned subsidiary Sanlam Emerging Markets (Pty) Ltd (“SEM”), and Allianz Europe BV (“Allianz BV”), a wholly owned subsidiary of Allianz, have concluded definitive transaction agreements in respect of the Allianz Step-up Transaction.

1. Introduction

Shareholders are referred to the announcements released on the Stock Exchange News Service of the JSE Limited on 4 May 2022 and 5 September 2023, in which it was advised that Sanlam and Allianz SE (“Allianz”) had entered into a long-term strategic joint venture arrangement regarding their operations on the African continent, outside of South Africa (the “JV Transaction”). In terms of the JV Transaction, Sanlam and Allianz contributed their respective African operations into a newly incorporated joint venture company, Sanlam Allianz Africa Proprietary Limited (“SanlamAllianz”) on 4 September 2023. Sanlam’s operations in Namibia were contributed to SanlamAllianz in October 2024. Shareholders were previously advised that as part of the JV Transaction, Allianz would also have the option to increase its shareholding in SanlamAllianz to a maximum of 49% (the “Allianz Step-up Transaction”).

The board of directors of Sanlam is pleased to advise Sanlam shareholders that Sanlam, through its wholly owned subsidiary Sanlam Emerging Markets (Pty) Ltd (“SEM”), and Allianz Europe BV (“Allianz BV”), a wholly owned subsidiary of Allianz, have concluded definitive transaction agreements in respect of the Allianz Step-up Transaction.

2. Overview of the Allianz step-up transaction

SEM will dispose of 8.59% of its interest in SanlamAllianz to Allianz BV for an initial cash consideration of R4.5 billion, resulting in a final shareholding split between SEM and Allianz BV in SanlamAllianz of 51% and 49% respectively. The final sale consideration will be subject to closing adjustments, which will be mainly determined based on the 31 December 2024 audited financial statements of SanlamAllianz.

3. Conditions precedent

The Allianz Step-up Transaction is subject to obtaining the necessary regulatory approvals.

4. Categorisation of the Allianz step-up transaction

In terms of the JSE Listings Requirements, the Allianz Step-up Transaction falls below the Category 2 threshold and this announcement is made on a voluntary basis.

Further information

Newly launched SanlamAllianz to provide insurance and financial services in 27 African markets (Sep. 5, 2023)
Sanlam and Allianz join forces to create African insurance giant (May 4, 2022)

For further information please contact:

Florian Amberg
Allianz SE
+49 89 3800 15924
Send email
Heidi Polke
Allianz SE
+49 89 3800 90777
Send email

About Allianz

Last updated: August 7, 2026

The Allianz Group is one of the world’s leading insurers and asset managers, active in almost 70 countries and serving around 97 million private and corporate customers*. Our customers benefit from a broad range of personal and corporate insurance services, including property, life and health insurance, as well as assistance services, credit and global business insurance. Recognized for the seventh consecutive year as the number one global insurance brand in Interbrand’s Best Global Brands 2025 ranking, Allianz’s success is built on technology-enabled customer centricity – providing peace of mind, protection, and prevention for our customers and strengthening the resilience of individuals, communities, and societies. We are one of the world’s largest investors, managing around 791 billion euros** on behalf of our insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 2.2 trillion euros** of third-party assets. Thanks to our systematic integration of environmental and social criteria in our business processes and investment decisions, Allianz received an MSCI ESG Rating of AAA (as of March 2026). In 2025, our 156,000 dedicated employees achieved a total business volume of 186.9 billion euros and an operating profit of 17.4 billion euros for our shareholders.

* As of December 31, 2025. Customer count reflects Allianz customers in consolidated entities that are part of the customer reporting scope only.

** As of June 30, 2026.

Cautionary note regarding forward-looking statements

As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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