South African insurer Sanlam and German insurer Allianz have announced a merger of their Moroccan operations, aiming to create the third-largest insurance group in the country. The combined entity would hold a market share of approximately 13.4%, according to statements from the companies. The deal, announced in early 2026, is subject to regulatory approvals.
The merger brings together Sanlam's strong presence in life insurance and Allianz's expertise in non-life insurance, creating a more diversified portfolio. The new group will serve a combined customer base of over 2 million clients, with a network of more than 1,000 agents and branches across Morocco. The companies expect the transaction to close by the end of 2026.
Financial terms were not disclosed, but analysts estimate the combined entity could have a premium income of around 10 billion Moroccan dirhams (approximately $1 billion). The merger is part of a broader trend of consolidation in the Moroccan insurance market, which has seen several deals in recent years as companies seek scale and efficiency.
