Insurance: Major M&A operations in Africa (2014-2024)

June 24, 2026
M&A

Transaction amount in millions USD

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DateAcquirerAcquirer's countryTarget companyTarget company's countryTransaction amountTransaction type
December 2025Gallagher ReUnited KingdomResileaSouth AfricaNAAcquisition of the company
November 2025Wafa AssuranceMoroccoDelta InsuranceEgypt67Acquisitionof a 63.4% stake
September 2025Wafa AssuranceMoroccoAllianz MarocMoroccoNAAcquisition of a network of sales outlets, consisting of 31 direct management offices and 25 contracts with independent general agents
July 2025SUNU Assurances VieCameroonAdvans (1)CameroonNAAcquisition of a 24.88% stake
May 2025Hollard InternationalMozambiqueAbsaMozambique Botswana ZambiaNAAcquisition of a 100% stake
April 2025Jubilee Health Insurance Company of UgandaUgandaJubilee Life Insurance Company of UgandaUgandaNAMerger operation
April 2025Tamini InsuranceDjiboutiTakaful Insurance of AfricaKenyaNAAcquisition of a 65% stake
February 2025GIG EgyptEgyptAIG EgyptEgyptNAMerger between GIG Egypt and AIG Egypt
December 2024Allianz EuropeGermanySanlam AllianzSouth Africa244Acquisition of a 8.59% stake
December 2024Britam HoldingsKenyaContinental ReinsuranceKenya5.9Acquisition of a 30% stake
September 2024Sanlam LimitedSouth AfricaAssupol HoldingsSouth Africa375Acquisition of 100% of capital
June 2024Sanlam LimitedSouth AfricaMultiChoice GroupSouth Africa639Acquisition of a 60% stake
June 2024Sanlam LimitedSouth AfricaNMS Ins. ServicesSouth Africa66Acquisition of a 60% stake
April 2024Chedid Capital HoldingLebanonGroupe AscomaWest and Central AfricaNAAcquisition of an additional 20%, bringing its ownership stake to 100% of the capital
May 2023Al Baraka BankTunisiaEl Amana TakafulTunisia1.9Acquisition of an additional 19.15% of shares, bringing the total stake to 48.92% of the capital
April 2023Gulf Insurance Group (GIG)KuwaitAIG EgyptEgypt6.4Acquisition of a 95.02% stake
March 2023Caisse Nationale de Prévoyance Sociale (CNPS)CameroonChanas Assurances VieCameroon1.1Acquisition of 3 500 shares
December 2022Maghrebia GroupTunisiaGAT AssurancesTunisiaNAAcquisition of a 23% stake
November 2022MarshUnited StatesBeassur MarshMoroccoNAAcquisition of a majority stake
September 2022Old MutualSouth AfricaGenric Ins. CompanySouth AfricaNAAcquisition of 100%
June 2022NSIACôte d'IvoireSanlam's 4 African subsidiariesTogo, Gabon, Congo, GuineaNAAcquisition of life insurance entities (Togo, Gabon) and non-life insurance entities (Congo, Guinea)
June 2022SantamSouth AfricaJaSureSouth AfricaNA100 % of capital
March 2022Hollard Seguros MozambiqueMozambiqueInternational Commercial and Engineering (ICE) SegurosMozambiqueNAAcquisition of 100% of capital
2021–2022AllianzGermanyJubilee Ins. MauritiusKenya, Uganda, Tanzania, Burundi, MauritiusNAAcquisition of majority stakes in non-life insurance operations
September 2020Continental ReinsuranceNigeriaSubsidiary of Continental ReBotswanaNAAcquisition of 100% of capital
July 2020Chedid Capital HoldingLebanonAscoma GroupWest and Central AfricaNAAcquisitionof 80% of the group
July 2020Sanlam Emerging MarketsSouth AfricaFBN Ins.NigeriaNAAcquisition of 65% of the shares held by FNB Holdings
April 2020Momentum Short Term Ins. Namibia (MSTI Namibia)Namibia / South AfricaAlexander Forbes Ins. Company NamibiaNamibia2.6Acquisition of 100% of the shares held by Alexander Forbes Namibia Holdings (75% of the Alexander Forbes Group)
February 2020Momentum Metropolitan HoldingsSouth AfricaAlexander ForbesSouth Africa130.1Acquisition of the short-term insurance business
2020SUNU GroupCôte d'Ivoire5 subsidiaries of AllianzBenin, Burkina Faso, Mali, TogoNAAcquisitionof majority stakes
2018SUNU GroupCôte d'IvoireEquity AssuranceGhana Liberia NigériaNA74.59% for Ghana, 76.18% for Liberia, and 65.27% for Nigeria
September 2017AfricInvest TunisieTunisiaBritamKenya56Acquisition of a 14.3% stake
June 2014Sanlam Emerging MarketsSouth AfricaSorasRwanda24.363% majority stake

NA: not available
(1) Advans: microfinance institution

Source : Atlas Magazine


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