Hollard International acquires Absa's insurance operations in Mozambique, Botswana and Zambia

Hollard International, the entity dedicated to the international business of South Africa's Hollard Insurance Group, has signed an agreement with Absa Group to acquire its insurance business in three African countries.

The transaction covers 100% of Absa's stakes in Global Alliance Seguro (Mozambique), Absa Life Botswana and Absa Life Zambia.

This investment allows Hollard to expand its presence in Africa where it already operates through six subsidiaries in Namibia, Mozambique, Zambia, Lesotho, Botswana and Ghana.

The group also operates in Kenya, Uganda and Tanzania thanks to its significant shareholding in Apollo Investments Limited, the parent company of the Kenyan insurer APA Insurance.

The transaction, subject to approval by the relevant authorities, is expected to be completed by 2024 at the latest. The financial details of the transaction have not been disclosed.