SanlamAllianz Re Ltd Earns A- (Excellent) Rating from AM Best

ST PIERRE, Republic of Mauritius, January 24, 2025 — SanlamAllianz Re Ltd (SAZ Re), a leading reinsurance company with a strong presence in over 45 African countries, has been awarded a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) by AM Best. These ratings come with a stable outlook, reflecting the company’s robust performance and strategic positioning in the reinsurance market.

Ilyes Hassib, CEO of SanlamAllianz Re, expressed his satisfaction with the ratings, saying, “We are honored to receive this esteemed recognition from AM Best. The A- (Excellent) rating is a reflection of the strength of our balance sheet, our solid operational performance, and our commitment to high standards in enterprise risk management. This recognition also underscores the strategic importance of SAZ Re to our co-shareholders, Sanlam Limited and Allianz SE.”

The AM Best ratings highlight SAZ Re’s strong balance sheet, particularly its risk-adjusted capitalisation, which remains at the highest level as measured by Best’s Capital Adequacy Ratio (BCAR). This strength is expected to be sustained as SAZ Re executes its growth plan, supported by organic capital generation.

Despite a conservative investment portfolio, the quality of SAZ Re’s assets helps mitigate risks in markets with weaker credit quality. Furthermore, the company’s moderate debtor balances, mostly due from affiliated entities, provide additional security and reduce associated risks.

SAZ Re’s operating performance has consistently been strong, with a return on equity exceeding 18% in four of the past five years (2019-2023). The company’s solid underwriting margins and consistent net combined ratios below 83% reflect its efficient operations and effective risk management strategies.

The ratings also underscore SAZ Re’s strategic importance to its co-shareholders, Sanlam Limited (South Africa) and Allianz SE (Germany), which strengthens the company’s position in the reinsurance market.

Looking ahead, SAZ Re remains focused on maintaining its strong financial foundation and operational excellence. The company will continue prioritizing organic capital generation and strategic growth initiatives to ensure sustained success and stability in the reinsurance industry.