Allianz Maroc has reached an agreement for the acquisition of several insurance product distribution outlets by Wafa Assurance, according to SanlamAllianz, the parent company of Allianz Maroc.
This transaction is part of the commitments made by SanlamAllianz to the Competition Council as part of the merger of the African activities of the Sanlam and Allianz groups.
In May 2022, the Sanlam and Allianz groups signed a merger agreement to create a pan-African insurance joint venture, now called Sanlam Allianz. In its review of the proposed merger, the Competition Council considered, among other points, that in the direct distribution of non-life insurance, the merger could have restrictive effects on the markets corresponding to 16 cities where Allianz and Sanlam are simultaneously established. To address this risk, the parties had agreed to proceed with possible transfers of insurance product distribution points.
In a statement, Mr Fahd Mokdad, managing director of Allianz Maroc, said, "We are convinced that Wafa Assurance, a leading player in the Moroccan insurance market, is the ideal partner for this operation. For its part, Allianz Maroc remains fully committed to supporting and providing all the stakeholders involved in this change.
“We will strengthen our presence by opening new points of sale in areas where there is no risk of concentration of distribution activities.”
The deal with Wafa remains subject to approvals from the relevant authorities and other closing conditions. It is expected to be completed by the end of this year.
In a separate press release, Wafa said that it aims to consolidate its position in Morocco through broader territorial coverage, particularly in localities where the company is not yet present.