Since 2 July 2026, Allianz Morocco and Sanlam Morocco have combined their expertise, networks, and innovative capabilities to form an even stronger company serving its customers.
The merger involves the absorption of Allianz Morocco by Sanlam Morocco, including the former’s assets and liabilities.
This merger is part of a pan-African strategy in nearly 18 countries across the continent, with a clear priority: to bring together the best of both companies to make service quality and customer experience the very heart of this new chapter. In 2023, South Africa’s largest insurance group, Sanlam, reached an agreement with global insurer Allianz to form a pan-African joint venture called SanlamAllianz.
The merger of Sanlam Morocco and Allianz Morocco was approved by shareholders at extraordinary general meetings held last week. A joint statement by the two insurers said that the aim is to create a stronger player in the Moroccan insurance market.
Under the merger agreement, the agreed share exchange ratio involves the allocation of five Sanlam Morocco shares for every two Allianz Morocco shares. The value of Allianz Morocco's equity was set at MAD2.605bn ($279m) during the initial presentation of the project.
The completion of the merger was made possible after the fulfillment of the main conditions precedent. These included the approval of the prospectus relating to the transaction by the Moroccan Capital Market Authority (AMMC), the authorisation of the Insurance and Social Security Supervisory Authority (ACAPS), and the formal approval of the project by shareholders at the extraordinary general meetings of both companies.
In this context, the extraordinary general meeting of Sanlam Morocco decided to increase the company's share capital by MAD122.5m from MAD411.7m to MAD534.2m. This operation results in the issuance of 1,225,000 new shares with a par value of MAD100 each, to the shareholders of Allianz Morocco under the 5:2 share swap. The new shares will start trading on the Casablanca Stock Exchange on 8 July 2026.
From a legal standpoint, Allianz Morocco will be automatically dissolved, without liquidation, once the merger is completed. From an accounting and tax perspective, the operation will take effect retroactively, from 1 January .2026.