SUNU Assurances, a leading company in the CIMA (Inter African Conference of Insurance Markets) zone, has received regulatory approval for its purchase of subsidiaries of German global insurance Allianz in Benin, Burkina, Mali, Togo and the Central African Republic.
CIMA, the regional regulator, approved the deal in late December 2019.
With this transaction, the SUNU Group stands as a life insurance leader in the 14 countries of the CIMA zone and strengthens its P & C insurance business.
Talks between SUNU and Allianz on buying the five insurers began towards the end of 2018, and led to the signing of an agreement in April 2019.
SUNU, whose roots are in Senegal, has been on an expansion path. In 2018, the group acquired 63% of the pan-African group Equity Assurance and 58% of the capital of the Banque Populaire pour l’Epargne et le Credit in Togo.
Following the deals, Allianz intends to withdraw from several markets as part of its strategy of refocusing its activities. The priority for Allianz is to focus on countries with high added value.
Source : Middle East insurance Review