Sanlam Morocco and Allianz Morocco have determined the terms of their merger, following meetings of their boards of directors held on 11 and 12 March 2026, respectively.
In this context, the equity value of Allianz Morocco has been set at MAD2,605m ($277m), the two companies said in a joint statement.
On this basis, Allianz Morocco and Sanlam Morocco have set an exchange parity of two Allianz Morocco shares for five Sanlam Morocco shares.
The merger will materialise through the takeover of Allianz Morocco by Sanlam Morocco, which will be accompanied by a capital increase of Sanlam Morocco reserved for Allianz Morocco shareholders.
This merger will make it possible to establish a single insurance and reinsurance player, more efficient and better capitalised, combining complementary expertise and resources.
The merger is also intended to improve service quality, accelerate digital innovation, and strengthen the territorial network in order to offer greater proximity and accessibility to policyholders, and to propose offers that are always better adapted to their needs.
Following the merger, Sanlam Morocco will position itself as a leading insurer in Morocco, endowed with reinforced financial strength, consolidated governance, and increased resilience in the face of prudential requirements.
The merger will be subject to customary conditions precedent, notably obtaining the approval of the Moroccan Capital Market Authority on the prospectus relating to the merger, obtaining authorisation for the merger from the Insurance and Social Welfare Supervisory Authority, and the approval of the merger of shareholders of the respective companies.
Subject to the fulfillment of the conditions precedent, the merger is expected to take effect at the beginning of July 2026.
Sanlam Morocco is a Moroccan public limited company incorporated on 7 October 1953, with a share capital of MAD411,687,400, divided into 4,116,874 shares with a nominal value of MAD100 each. It has been listed on the Casablanca Stock Exchange since 2010. Sanlam Morocco is authorised as an insurance and reinsurance company. It is present in all insurance business lines, whether non-life insurance or life and health insurance, as well as reinsurance.
Allianz Morocco is a Moroccan public limited company incorporated on 8 April 1954, with a share capital of MAD147,000,000, divided into 490,000 shares with a nominal value of MAD300 each. Authorised as an insurance and reinsurance company, Allianz Morocco operates in several categories of insurance operations, covering both non-life insurance and life and health insurance.
In 2023, Sanlam and Allianz announced that they were joining forces through their new joint venture, Sanlam Allianz Africa, which covers 25 countries across the continent. Since then, the two companies have been working on SanlamAllianz integration in markets where they both operate, to fully realise scale and synergy benefits. In Morocco, Allianz and Sanlam remain as separate entities until the merger of Allianz Morocco and Sanlam Morocco is completed.