Allianz Group has announced a binding agreement for Allianz to acquire Zurich Assurances Maroc, a subsidiary of Zurich Insurance Company in Morocco.
Zurich Assurances Maroc is one of the largest insurance companies in Morocco, currently ranking at number 7 in the property and casualty market and serving more than 600,000 customers. In 2015, Zurich Assurances Maroc generated 114 million euros in gross premiums written. The company also has a license for life and health insurance products, which Allianz plans to utilize.
Allianz Group views Africa as one of the important future growth markets. Today Allianz is present in 15 countries in Africa. The acquisition in Morocco, Africa’s second-largest insurance market after South Africa, marks an important step for Allianz to be well positioned to capture future growth in the African region.
“This deal is a major milestone for our strategy to expand in Africa. Morocco presents good growth prospects for both personal and commercial lines. We will be able to support both our Moroccan and international customers in their local and international business. In addition, Allianz is an employer of choice in Africa. We look forward to developing and promoting local talents in a growing market,” said Sergio Balbinot, board member of Allianz SE in charge of southern and western Europe, Africa, MENA and India.
The purchase price is 244 million euros. Pending regulatory approvals, the transaction is expected to close end of 2016.
Together with its customers and sales partners, Allianz is one of the strongest financial communities. More than 85 million private and corporate customers insured by Allianz rely on its knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2015, around 142,000 employees in over 70 countries achieved total revenues of 125.2 billion euros and an operating profit of 10.7 billion euros. Benefits for our customers reached 107.4 billion euros.
This business success with insurance, asset management and assistance services is based increasingly on customer demand for crisis-proof financial solutions for an aging society and the challenges of climate change. Transparency and integrity are key a component of sustainable corporate governance at Allianz SE. Allianz is present in 15 African countries through Allianz Africa, Allianz Egypt, Allianz Global Corporate & Specialty and Euler Hermes Acmar.
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