Description of Activities

Description: The Commission resolved to approve without conditions the acquisition by Sanlam Allianz Africa (Pty) Ltd of Sanlam Life Namibia Limited.

The acquiring group: The acquiring group started operating in 2023 as a pan-African life and general insurance joint venture between the Sanlam Group (through Sanlam Emerging Markets (Pty) Ltd and Allianz Group (through Allianz Europe). The acquiring group does not trade in any goods, nor does it provide any services in Namibia.

Target undertaking: The target undertaking provides asset management services (including unit trust management) and life insurance products to corporate, commercial, and industrial clients across a range of business sectors in Namibia.

Relevant market: The Secretariat defined two distinct relevant product markets: 1. the first relevant product market is defined as the provision of life insurance products and; 2. The second relevant product market is defined as the supply of asset management services (including unit-trust management) in Namibia.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian laws.