16, December 2024
CEMAC Summit: President Teodoro Obiang Nguema is in Yaoundé 0
The President of Equatorial Guinea Teodoro Nguema Obiang has landed at the Yaoundé Nsimalen international airport. He is the second statesman to set foot on Cameroonian soil for the summit of the Central African Economic and Monetary Community (CEMAC).
Teodoro Obiang Nguema Mbasogo was welcomed off the plane by Prime Minister Chief Joseph Dion Ngute.
The Equatorial Guinea leader is the second head of state to arrive in Cameroon for the summit.
Yesterday, Brigadier General Brice Clotaire Oligui Nguema, President of Gabon arrived the nation’s capital Yaoundé for the extraordinary session to be held at the Palais de l’Unité.
The Gabon new strongman was also received by Prime Minister Dion Ngute, as he stepped off the plane. He reportedly passed the night at the Hilton Hotel, where he met the Minister of Communication and Government Spokesman, René Emmanuel Sadi.
By Rita Akana in Yaoundé
17, December 2024
Douala: Sanlam and Allianz finalize merger to form SanlamAllianz 0
German insurer Allianz and South African insurer Sanlam officially announced their merger. The merger, which was finalized after an extraordinary general meeting of their Cameroonian subsidiaries on July 22, has created two new companies: SanlamAllianz Cameroun Assurances, which handles general insurance and is led by Olivier Malatre, and SanlamAllianz Cameroun Assurances Vie, which focuses on life insurance and is headed by Laya Sidibé.
“The insurance market in Cameroon is growing rapidly, with increasing demand for more diverse services and customized solutions. The merger between Sanlam and Allianz meets this demand by combining the strengths of two industry leaders. Sanlam brings deep knowledge of the African market, while Allianz contributes global expertise and technological innovation. Together, they create a synergy that will greatly benefit the Cameroonian population,” said Heinie Werth, CEO of SanlamAllianz.
SanlamAllianz now holds a significant position in Cameroon’s insurance market, with over CFA51 billion in revenue. More than CFA26 billion comes from SanlamAllianz Cameroun Assurances Vie, based on 2023 data. With the country’s total insurance market revenue reaching CFA272.5 billion at the end of 2023, according to the Association of Insurance Companies of Cameroon (ASAC), SanlamAllianz now controls 18.7% of the market.
The merger agreement was first announced on May 4, 2022, in a statement released on the Johannesburg Stock Exchange. Sanlam, Africa’s largest listed insurance group, had reached a deal to combine its pan-African operations with German group Allianz.
According to the terms of the agreement, Continental-Re, a reinsurer also operating in Cameroon, is not included in the deal. It remains under Sanlam’s ownership, as the group acquired it in 2018 after purchasing Moroccan insurer Saham.
The agreement also states that Allianz holds a 40% share in the newly formed entity, with an option to increase its ownership to 49%. The remaining shares remain under Sanlam’s control.
Source: Business in Cameroon