EUROPEAN COMMISSION DG Competition

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 19/10/2022

In electronic form on the EUR-Lex website under document number 32022M10873

EUROPEAN COMMISSION

Brussels, 19.10.2022 C(2022) 7581 final

PUBLIC VERSION

Allianz SE Koeniginstrasse 28 80802 Muenchen Germany

Sanlam Limited Strand road 2, Belville 7530 Western Cape South Africa

Dear Sir or Madam,

1.1. On 27 September 2022, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which Sanlam Limited (‘Sanlam’, South Africa) and Allianz SE (‘Allianz’, Germany) will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over Sanlam Allianz Africa Proprietary Limited (“Sanlam Allianz Africa”, South Africa), a newly created joint-venture. The concentration is accomplished by way of purchase of shares.

2. The business activities of the undertakings concerned are the following:

- Sanlam is an international financial services group comprising several insurers, financial services providers and other financial institutions,

- Allianz is a global integrated financial services group operating in life and non-life insurance and asset management products,

1OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). With effect from 1 December 2009, the Treaty on the Functioning of the European Union (‘TFEU’) has introduced certain changes, such as the replacement of ‘Community’ by ‘Union’ and ‘common market’ by ‘internal market’. The terminology of the TFEU will be used throughout this decision.

2OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).

3Publication in the Official Journal of the European Union No C 381, 04.10.2022, p. 7.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.

 Sanlam Allianz Africa will operate as a pan-African life and general insurance joint venture between Sanlam and Allianz.

3.3. After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(a) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.

4.4. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.

For the Commission

(Signed) Olivier GUERSENT Director-General

4OJ C 366, 14.12.2013, p. 5.

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