Sanlam Maroc plans to absorb Allianz Maroc under a merger deal approved by the boards of both companies, according to a joint statement.
The boards met on 11 and 12 March and agreed on the terms of the operation, which will bring the two insurers together into one company operating in Morocco’s insurance and reinsurance market.
As part of the deal, Allianz Maroc has been valued at 2.605bn dirhams. Based on that value, shareholders will receive five Sanlam Maroc shares for every two shares they hold in Allianz Maroc.
The merger will happen through a share swap and a capital increase by Sanlam Maroc reserved for Allianz Maroc shareholders. Once the deal takes effect, Allianz Maroc will automatically cease to exist as a separate company.
The companies say the merger will create a stronger insurer with more capital, combined expertise and better resources. They say it should also improve services, speed up digital tools and expand their network of offices across the country.
The move follows a wider partnership between Sanlam and the German insurance group Allianz, launched in 2022 to combine their businesses across Africa.
Sanlam Maroc is already a major player in areas such as car and health insurance, while Allianz Maroc has strong experience in covering large corporate risks. Together, the new group could compete with Wafa Assurance for the top spot in Morocco’s insurance market.
The merger still needs approval from Morocco’s financial market regulator, the Autorité Marocaine du Marché des Capitaux (AMMC), and the insurance watchdog, the Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS). Shareholders of both companies must also approve the plan.
If all approvals are granted, the merger is expected to take effect at the beginning of July 2026.
