Heinie Werth has stepped down as executive director of Sanlam Group and Sanlam Life to focus on SanlamAllianz where he was appointed as CEO four months ago.
Werth’s career with Africa’s largest insurer spans 25 years during which he occupied senior roles, including group finance director and CEO of Sanlam’s emerging markets unit.
He will leave the boards of Sanlam Group and Sanlam Life from December 31, the company said in a statement on Friday.
SanlamAllianz is a joint venture (JV) between Sanlam and Europe’s largest insurer Allianz and will operate in 27 countries in Africa, excluding SA. Sanlam will continue to operate on a stand-alone basis in its home market.
Its ambition is to be among the top three players in market share and profitability in the markets in which it operates.
The JV was formed as the insurance industry scrambles to adapt to the disruption caused by the rapid advance of financial technology, which has enabled more players to enter the space.
Sanlam has life, general insurance and investment management operations in more than 30 countries, including Morocco, Ivory Coast, Nigeria and Botswana.
Its share price closed up 0.5% at R72.80 on the JSE on Friday, having gained nearly 50% in 2023.
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