Marrakech – The boards of Sanlam Maroc and Allianz Maroc, meeting on March 11 and 12, approved the terms of a merger through which Sanlam Maroc will absorb Allianz Maroc. The deal aims to create a single, better-capitalized player in Morocco’s insurance and reinsurance market.
Under the agreed terms, Allianz Maroc’s equity value has been set at MAD 2.605 billion ($260.5 million). The two companies fixed an exchange ratio of two Allianz Maroc shares for five Sanlam Maroc shares. The merger will be carried out through a capital increase by Sanlam Maroc reserved for Allianz Maroc shareholders.
The combined entity is expected to strengthen service quality, accelerate digital innovation, and expand territorial coverage to improve accessibility for policyholders. Sanlam Maroc will emerge as a reference insurer in Morocco with reinforced financial solidity, consolidated governance, and greater resilience against prudential requirements.
The transaction remains subject to several regulatory conditions. These include obtaining approval from the Moroccan Capital Markets Authority (AMMC) on the merger prospectus, securing authorization from the Insurance and Social Welfare Supervisory Authority (ACAPS), and gaining approval from the extraordinary general assemblies of both companies’ shareholders.
If all conditions are met, the merger is expected to take effect at the beginning of July. At that point, Allianz Maroc will be dissolved by operation of law without liquidation.
Sanlam Maroc, listed on the Casablanca Stock Exchange since 2010, operates across all insurance lines, including property, casualty, life, and reinsurance.
The company has a share capital of MAD 411.68 million ($41.17 million), divided into 4,116,874 shares. It is chaired by Said Alj under the general management of Yahia Chraibi, assisted by deputy CEO Youssef Berrada.
Allianz Maroc, established in 1954, holds a share capital of MAD 147 million ($14.7 million) split into 490,000 shares. It is chaired by Jacques Richier under the general management of Fahd Mokdad.