Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company ‘Wafa Assurance SA’ of the exclusive control of a set of assets related to the distribution of insurance products held by ‘Allianz Maroc SA’.

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘summary of the operation’ below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The acquirer: The company ‘Wafa Assurance SA’;
• The target: A set of assets related to the distribution of insurance products held by ‘Allianz Maroc SA’.

Nature of the operation

• Acquisition of asset elements.

Economic sectors concerned

• Insurance product distribution market.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e. October 20, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION

The Competition Council has received a notification of a project for an economic concentration operation involving the acquisition, by the company ‘Wafa Assurance SA’, of the exclusive control of a set of assets consisting of 31 direct management offices and 25 contracts of independent general agents previously held by the company ‘Allianz Maroc SA’, owned by ‘Sanlam Allianz Africa Proprietary Limited’. This operation project is part of the structural commitments made by the Sanlam and Allianz groups, the subject of Competition Council decision No. 04/D/2025 of January 9, 2025.

‘Wafa Assurance SA’ is a Moroccan joint-stock company, with a capital of 350,000,000 dirhams, headquartered at 1 Boulevard Abdelmoumen, in Casablanca, registered with the Casablanca Trade Register under number 31719. It operates in the insurance sector and provides diversified life and non-life insurance products in Morocco, as well as assistance services.

‘Allianz Maroc SA’ is a Moroccan joint-stock company, with a capital of 147,000,000 dirhams, headquartered at 166-168, Boulevard Mohamed Zerktouni – in Casablanca, registered with the Casablanca Trade Register under number 23.041. It offers non-life and life insurance products in Morocco and is indirectly owned by ‘Sanlam Allianz Africa Proprietary Limited’.

‘Sanlam Allianz Africa Proprietary Limited’ is a South African holding company, owned by the Allianz and Sanlam groups, and has taken the form of a pan-African joint venture between these two groups in life and non-life insurance.

The direct management offices and independent general agents comprising the target perimeter distribute non-life insurance products.

 

Done in Rabat, on October 9, 2025.