A major merger between two of Morocco’s biggest insurance companies has moved a step closer after the country’s capital markets regulator approved a key part of the deal. The Moroccan Capital Market Authority (AMMC) approved a prospectus on 15 June linked to Sanlam Maroc’s planned takeover of Allianz Maroc.
The operation includes a capital increase worth 2.56bn dirhams and is based on an equity valuation of Allianz Maroc of 2.605bn dirhams.
As part of the deal, Sanlam Maroc will issue 1.225 million new shares for 2,090.23 dirhams each. The share swap ratio has been set at five Sanlam Maroc shares for every two Allianz Maroc shares.
The merger would create a much larger insurance group in Morocco.
The new company, which will be called SanlamAllianz Maroc, is expected to generate about 8.35bn dirhams in annual revenue. Around 7.35bn dirhams would come from non-life insurance, while life insurance would account for about 1bn dirhams.
The combined group is expected to become the third-largest insurer in Morocco, with a market share of about 13.4%. It would also have more than 740 points of contact across the country.
Analysts expect the company to post a net profit of 856m dirhams in 2026. Sanlam Maroc reported a net profit of 452m dirhams in 2025.
The next step will come on 2 July, when shareholders of both companies are due to vote on the merger at extraordinary general meetings.
If approved, the share exchange is expected to take place on 7 July.
The deal still requires final approval from Morocco’s insurance regulator, ACAPS. Once all approvals are secured, Allianz Maroc will be dissolved and fully absorbed into Sanlam Maroc in early July.
