Hollard International, part of South Africa's largest privately owned insurance group, and Absa Group, one of Africa's largest diversified financial services groups, have reached agreement for the sale of Absa's insurance businesses in Mozambique, Botswana and Zambia.
The sale agreements are for 100% of Absa’s shareholdings in Global Alliance Seguro in Mozambique, Absa Life Botswana, and Absa Life Zambia. They are subject to conditions which are typical for transactions of this nature. The financial details of the deal were not disclosed.
Hollard is a leading insurance provider in sub-Saharan Africa. The company’s strategic focus is to expand its presence and grow throughout the region. These planned acquisitions directly support this goal and allow Hollard to live its purpose of enabling more people in Africa to create and secure better futures.
The transactions will allow Absa to exit its exposure to the manufacturing of insurance products in the three markets while continuing to offer insurance products for its customers in these markets through a focused bancassurance distribution model.
The expectation is that the transactions will be concluded later this year, and both Hollard and Absa are committed to a transparent and seamless transitional journey for customers.
Hollard International
The Hollard Insurance Company is South Africa’s largest privately owned insurance group, offering both Life and non-Life product suites. Hollard International extends insurance solutions outside South Africa through its operations in Namibia, Mozambique, Zambia, Lesotho, Botswana, Ghana, as well as Kenya, Uganda, and Tanzania through its significant shareholding in Apollo Investments Limited, the holding company of Kenya-headquartered insurer APA Insurance.
Absa Group
Absa Group is listed on the Johannesburg Stock Exchange and offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance.
Absa Group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda, and Zambia and has insurance operations in Botswana, Kenya, Mozambique, South Africa, and Zambia. Absa also has representative offices in China, Namibia, Nigeria, and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support units in the Czech Republic.