Sanlam Morocco’s acquisition of Allianz Morocco would represent a major consolidation in the insurance sector. Formalized in March and published in the official gazette on April 22, this merger aims to create a national leader capable of redefining insurance standards.
The goal is to create a unified, more efficient, and better-capitalized platform by combining the operations, expertise, and resources of both companies. This integration is expected to improve service quality and reduce underwriting and claims processing times.
The new entity is banking on a strengthened regional presence throughout Morocco to bring it closer to its policyholders, both individuals and businesses. By consolidating their equity, Sanlam Morocco and Allianz Morocco also seek to optimize their capital allocation and strengthen their resilience in the face of economic uncertainties.
The Merger’s Financial Terms
From a financial perspective, the transaction is based on the valuation of Allianz Morocco’s assets as of December 31, 2025. The actual value of the contributed assets amounts to more than 9.27 billion dirhams, while the transferred liabilities are valued at approximately 6.66 billion dirhams. Consequently, the total net assets contributed by the acquired company amount to 2.6 billion dirhams.
To compensate for this contribution, Sanlam Morocco plans to increase its share capital by 122.5 million dirhams through the issuance of 1,225,000 new shares. The difference between the value of the contribution and this increase, amounting to approximately 2.48 billion dirhams, will be recorded as a merger premium to protect the rights of current and future shareholders.
The exchange ratio has been set at five Sanlam Morocco shares for every two Allianz Morocco shares. Special attention has been given to shareholders holding fractional shares—that is, those who do not own enough Allianz shares to receive a whole number of Sanlam shares.
These shareholders have a period of 20 days, starting from the date of registration of the new shares, to buy or sell the necessary shares on the market to obtain a whole number of shares in the acquiring company. After this period, Sanlam Morocco will consolidate the unclaimed shares to sell them on the stock exchange, then redistribute the net proceeds of the sale to the beneficiaries in proportion to their fractional shares. But behind this rigorous financial structure, the reality on the ground reveals significant tensions between management and their distribution network.
The Agents’ Uprising
In the Allianz Maroc network, 94 of the 110 agents are criticizing a lack of consultation and a disconnect between the group’s official communications and operational reality.
In a petition, the agents express their formal opposition to the project as presented. These intermediaries, who consider themselves legally autonomous entities bound by specific contracts, refuse to be integrated into the new entity without prior individual consent. They firmly assert that their network is not an asset that can be automatically transferred.
In a list of demands addressed to management, they highlight financial losses, the deterioration of their working conditions, and the operational failures that have accumulated in recent years. There is no question of agreeing to the merger without concrete guarantees. Among their main demands are the establishment of a compensation scheme covering losses in revenue and portfolio, the payment of specific transition-related compensation, and support for the most financially vulnerable situations.
“Since Allianz acquired Zurich in 2017, conditions for general agents have deteriorated, » said an agent from the Allianz network, contacted by TelQuel. Even back then, there were promises to safeguard agents’ interests, but over time it turned out to be the opposite; the best-off among us have lost 30% of their revenue over the years, said the agent who did not want to be identified.
Agents are demanding the preservation of their contractual rights, protection of their client portfolios, and support measures spanning several years. Essentially, the issue at stake is the network’s long-term viability and its integration into the new entity, with the signatories expressing their determination to collectively exert influence in negotiations and to reject any agreement without formal guarantees.
The ball is in the regulators’ court
The dissenting agents have approached the Moroccan Capital Markets Authority (AMMC) and the Insurance and Social Security Supervisory Authority (ACAPS) to warn of the risks this situation poses to the company’s long-term viability. According to them, any major disruption to the distribution network—which is the primary driver of revenue and premium collection—could seriously impact the listed company’s economic outlook. They believe this instability constitutes critical information that should be brought to the attention of investors and the market to ensure the transparency required for such a transaction.
The general agents thus believe that “any significant impact on the operation of the general agent network could affect the company’s business flows, particularly through a potential change in the level of premiums written. Such factors could constitute information likely to be of interest to the market and investors, ” as stated in a letter addressed to the AMMC.
The completion of the merger therefore remains subject to several mandatory regulatory steps, notably obtaining the AMMC’s approval of the prospectus and final authorization from the ACAPS. Concurrently, the extraordinary general meetings of both companies will need to vote on the final approval of the transaction.
While the merger is retroactive to January 1, 2026, its success will depend as much on the financial results as on the ability of both management teams to reassure their respective networks.
Written in French by Amine Belghazi; edited in English by AngloMedia Group.
