• Sanlam Maroc and Allianz Maroc approve merger, creating unified insurer
• Allianz Maroc absorbed; shareholders receive 5 Sanlam shares per 2
• Deal pending regulatory approval, expected completion by July 2026

The boards of Sanlam Maroc and Allianz Maroc approved a merger plan on March 11 and March 12, respectively, under which Allianz Maroc would be absorbed into Sanlam Maroc.

Upon completion, Allianz Maroc will cease to exist as a legal entity, with all its operations, contracts, clients, assets and liabilities transferred to Sanlam Maroc.

“This merger will create a single insurance and reinsurance player that is more efficient and better capitalized, combining complementary expertise and resources,” the two companies said in a joint statement. They added that the deal aims to improve service quality, accelerate digital innovation and strengthen the territorial network to offer greater proximity and accessibility to policyholders, as well as more tailored products.

A structured financial transaction

The merger will be carried out through a capital increase at Sanlam Maroc reserved for Allianz Maroc shareholders. Under the agreed exchange ratio, shareholders will receive five Sanlam Maroc shares for every two Allianz Maroc shares.

This share-swap will integrate Allianz Maroc shareholders into Sanlam Maroc’s capital while ensuring continuity of their rights.

The transaction remains subject to several conditions, including approval from Morocco’s financial markets regulator, the Autorité marocaine du marché des capitaux, and the insurance supervisor, the Autorité de contrôle des assurances et de la prévoyance sociale, as well as approval by the general meetings of both companies.

If all conditions are met, the merger is expected to take effect in early July 2026. Allianz Maroc will then be dissolved without liquidation, with all its assets transferred to Sanlam Maroc, the statement said.

Chamberline Moko