Allianz Morocco has finalized the sale of part of its distribution network to Wafa Assurance, a strategic move that fulfills regulatory obligations linked to its recent merger with Sanlam. The announcement was made on Tuesday, September 9, by Sanlam Allianz Africa, marking a key step in complying with conditions set by the Moroccan Competition Council during the approval process for the merger between the two insurance giants.
Regulators had raised concerns over the potential for excessive market concentration in the non-life insurance sector across sixteen cities where both Allianz and Sanlam had a strong presence. To address this issue and secure the green light for the merger, Allianz Morocco agreed to relinquish several of its directly managed sales outlets.
The agreement with Wafa Assurance aims to ease competitive pressure in the targeted regions by reducing the overlapping footprint of Allianz and Sanlam. By transferring these points of sale, the two companies are aligning with the terms laid out by the authorities, paving the way for a more balanced insurance market and allowing the merger to move forward without violating antitrust rules.
