Sanlam and Allianz to form a joint venture.

Sanlam, the largest non-banking financial services company in Africa, and Allianz, a German multinational financial services company, agreed to form a joint venture to create the largest Pan-African non-banking financial services entity on the continent. Financial terms were not disclosed. "In line with Sanlam’s stated ambition to be a leading Pan-African financial services group, the proposed joint venture will enable us to take a significant step towards realising that ambition. It will also strengthen our leadership position in multiple key markets that are core to our Africa strategy, building quality and scale where it matters. We are delighted to have Allianz as partners and believe their expertise and financial strength will add tremendous value to our businesses," Paul Hanratty, Sanlam CEO.