SanlamAllianz Re Ltd (SAZ Re) (www.SanlamAllianzRe.com), a leading reinsurance company with a market presence over 45 countries in Africa, is proud to announce that AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to the company. The outlook assigned to these credit ratings is stable, reflecting the robust performance and strategic positioning of SAZ Re.
Ilyes Hassib, CEO of SanlamAllianz Re, expressed his satisfaction with the ratings: “We are honoured to receive this esteemed recognition from AM Best. The A- (Excellent) rating is a testament to the strength of our balance sheet, our solid operating performance, and our dedication to maintaining high standards in enterprise risk management. It also underscores the strategic importance of SAZ Re to our co-shareholders, Sanlam Limited and Allianz SE.”
The ratings from AM Best reflect SAZ Re’s balance sheet strength, which has been assessed as strong. This strength is underpinned by the company’s risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The BCAR scores are expected to remain at the strongest level as SAZ Re executes its growth plan, which is supported by organic capital generation.
Despite SAZ Re’s conservative investment portfolio by asset class, the quality of the company’s assets helps offset any potential weaknesses in the overall balance sheet strength. This is particularly important given the generally weaker credit quality of institutions in many of SAZ Re’s key markets. Another factor considered was the moderate levels of debtor balances on SAZ Re’s balance sheet, which are primarily due from affiliated entities, thereby mitigating any associated risks.
SAZ Re has consistently demonstrated strong operating performance, with a return on equity exceeding 18% in four of the past five years (2019-2023). The company’s robust operating results are underpinned by solid underwriting margins, with net combined ratios consistently below 83% over this period. This performance is a direct result of the company’s low operating expenses and effective risk management strategies.
The ratings also reflect SAZ Re’s strategic importance to its ultimate co-shareholders, Sanlam Limited (South Africa) and Allianz SE (Germany). This strategic importance is manifested in the form of lift in the AM Best ratings, further reinforcing the company’s position in the reinsurance market.
Looking ahead, SAZ Re remains committed to maintaining its strong financial foundation and operational excellence. The company will continue to focus on organic capital generation and strategic growth initiatives to ensure sustained success and stability in the reinsurance industry.
Distributed by APO Group on behalf of SanlamAllianz Re.
For more information, please contact:
SanlamAllianz Re’s PR Agency: Odysseus Public Relations
Email: rajesh@odysseuspr.com
Phone: +230 54223040
About SanlamAllianz Re Ltd:
SanlamAllianz Re Ltd (SAZ Re) is a leading reinsurance company based in Mauritius. With strong ties to its co-shareholders, Sanlam Limited and Allianz SE, SAZ Re is dedicated to providing comprehensive reinsurance solutions and maintaining high standards of financial stability, operational excellence, and risk management. For more information, visit www.SanlamAllianzRe.com
About AM Best:
AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company conducts in-depth financial analysis and provides ratings and reports that serve as benchmarks for the insurance sector worldwide. For more information, visit www.AMBest.com.
