Sanlam and Allianz, two insurance companies that merged in 2023 to form SanlamAllianz, launched their Ghanaian joint venture company (JVC) on Friday, according to a release.
This follows the approval from the National Insurance Commission, the insurance industry regulator in Ghana.
Heinie Werth, the chief executive officer (CEO) of SanlamAllianz, said the launch of the Ghanaian subsidiary was a significant milestone for the JVC and the broader financial services market.
Werth said the occasion demonstrates the commitment of the partners to deepen their business in the West African country.
“It demonstrates our strategy to leverage our expertise to create leading businesses in the economies where we choose to operate and supports our intention to enable access to financial services,” the CEO added.
The ambition of SanlamAllianz is to leverage its global and pan-African expertise and unlock growth in Africa’s high-potential economies, in line with its purpose to empower generations to be financially confident, secure, and prosperous, according to the release.
The JVC seeks to achieve this by supporting financial inclusion through innovative and diverse financial services that create shared value for all stakeholders.
In September 2023, Sanlam, an African-wide non-banking financial services company, and Allianz, one of the world’s leading insurers and asset managers, joined forces to create a large pan-African non-banking financial services JVC.