Absa Group Limited (“Absa”) and Hollard International (“Hollard”) have reached agreement for the sale of Absa’s insurance businesses in Botswana, Zambia and Mozambique. The agreements are subject to conditions which are typical for transactions of this nature.
The sale agreements are for 100% of Absa’s shareholdings in Absa Life Botswana, Absa Life Zambia and Global Alliance Seguros, S.A in Mozambique.
Hollard is a leading insurance provider in sub-Saharan Africa, currently operating in South Africa, Botswana, Ghana, Lesotho, Mozambique, Namibia and Zambia, and in Kenya, Uganda and Tanzania through their investment in APA. The company's strategic focus is to expand its presence and grow throughout the region. These planned acquisitions directly support this goal and allows Hollard to live its purpose of enabling more people in Africa to create and secure better futures.
The transactions will allow Absa to exit its exposure to the manufacturing of insurance products in these three markets, while continuing to offer the best insurance products for its customers in these markets through a focused bancassurance distribution model.
The expectation is that the transactions will be concluded later this year, and both Hollard and Absa
are committed to a transparent and seamless transitional journey for customers.
