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Insurance in the CIMA zone: consolidation of local actors

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Magazine Issue: 
CIMA, a tremendous success [3]
Magazine date: 
Jul 2022

CIMAThe insurance market in the CIMA zone [4] has undergone a profound reconfiguration for several years: partnerships, mergers, creations, purchases, mergers, etc. with all vectors of external growth being used. SUNU, which took over the former African life network of AXA (formerly UAP) and recently some Allianz entities, is the main beneficiary of this reorganization. The group headed by Pathé Dione is now the undisputed leader in the life sector in the CIMA zone.

In fact, the vacuum created by the departure of European companies was quickly filled by local players and by the arrival of foreign insurers in the CIMA zone, including Moroccan groups, headed by WAFA Assurance. It is worth noting the entry in force in recent years of the South African giant Sanlam in the CIMA life and non-life market.

Insurance in the CIMA zone: main consolidation transactions

  • May 2022: Strategic alliance between Sanlam and Allianz. Establishment of a pan-African entity operating in 29 African countries (excluding South Africa).
  • September 2021: Cross-acquisitions between NSIA and Sanlam in Mali, Togo and Congo.
    NSIA acquires Sanlam's life entities in Togo and Gabon and the South African group's non-life companies in Congo and Guinea.
    Sanlam acquires NSIA's Malian life and non-life insurance operations.
  • June 2021: Sanlam exits the capital of the SUNU group.
  • June 2021: Activa Assurances Cameroon sets up Activa Vie RDC after launching Activa Assurances RDC in 2019.
  • April 2021: NSIA establishes a life subsidiary in Guinea.
  • January 2021: SUNU acquires the Allianz subsidiary in Congo-Brazzaville.
  • March 2020: SUNU Assurances IARD obtains a license to operate in the DRC.
  • January 2020: Allianz sells five subsidiaries in West Africa to SUNU: Benin (non-life), Burkina Faso (life and non-life), Mali (non-life) and Togo (non-life).
  • November 2019: Wafa Assurance acquires two Cameroonian insurers Pro Assur SA and Pro Assur Vie.
  • May 2019: Activa Assurances settles in Côte d'Ivoire.

* Non exhaustive list

Read also | CIMA’s organization and role [5]

Mon, 26/09/2022 - 11:19

Source URL: https://www.atlas-mag.net/en/category/tags/focus/insurance-in-the-cima-zone-consolidation-of-local-actors

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-193-july-2022
[4] https://www.atlas-mag.net/en/category/tags/focus/the-cima-zone-insurance-market
[5] https://www.atlas-mag.net/en/category/regions-geographiques/afrique/cima-s-organization-and-role