SUNU Group obtains the approval of the Inter-African Conference of Insurance Markets (CIMA) for the acquisition of the Allianz’s majority stakes in five West African subsidiaries.
The five countries SUNU takes controls of one subsidiary in Benin, two in Burkina Faso, one in Mali and one in Togo.
This major acquisition enables SUNU to strengthen its presence in the aforementioned countries. In Burkina Faso, the acquisition of Allianz’s life and non-life portfolios gives SUNU a predominant position on the market.
Prior to this transaction, SUNU previously acquired the majority stakes of the Equity Assurance group of companies in three countries.
The shares amounted to 74.59 percent for Ghana, 76.18 percent for Liberia and 65.27% for Nigeria. In Togo, SUNU Group already detains 65.70 percent of Banque Populaire pour l’Epargne et le Crédit (BPEC) which it bought 2018.
With the takeover of Allianz subsidiaries, SUNU thus intends to implement its African expansion policy.
As for Allianz, the company is divesting the subsidiaries, considered the least profitable, in order to refocus on high value-added markets