SanlamAllianz Claims 31% Share of Cameroon’s Life Insurance Market

SanlamAllianz says it remains the leading player in Cameroon’s life insurance market. According to Laya Sidibé, CEO of SanlamAllianz Cameroun Assurance Vie, the subsidiary generated CFA32.1 billion in revenue in 2025.

“That represents a growth rate of exactly 30% and an official market share of 31%,” she said. Sidibé added that the performance was supported by a balance sheet totaling CFA177 billion in 2025 and a share capital of CFA3.3 billion. In its press kit released during Promote 2026, the group reported life insurance revenue of CFA32.21 billion, up 12.56% from 2024, with a market share of 29.42% in a life insurance market valued at CFA102.68 billion. The difference between those figures and Sidibé’s comments may reflect differences in scope, comparison periods, or statistical rounding.

SanlamAllianz also highlighted its financial strength through two regulatory indicators: the solvency ratio and the regulated liabilities coverage ratio. Both stood at 119%, according to Sidibé, who noted that the identical figures do not result from the same calculation methods. The life insurance business remains the group’s main revenue driver in Cameroon. With revenue of CFA32.1 billion, it accounted for about 55% of the combined revenue generated by the group’s two subsidiaries in the country.

In the non-life segment, SanlamAllianz Assurances Cameroun reported revenue of CFA26.2 billion and share capital of CFA7.2 billion. According to CEO Christian Bivina Mbarga, that represented 13% of a Cameroonian non-life insurance market valued at CFA194 billion. The group’s press kit puts the market share more precisely at 13.29% in a market estimated at CFA194.20 billion.

The two businesses operate under different dynamics. Life insurance focuses on long-term savings, retirement products, capital accumulation, and investment-linked insurance products. Non-life insurance covers shorter-term risks, including motor insurance, travel insurance, business multi-risk policies, executive liability coverage, and products designed for small and medium-sized businesses. Bivina Mbarga said the two segments should not be compared directly. According to him, Cameroon’s insurance market is worth about CFA300 billion, with nearly CFA190 billion coming from non-life insurance and CFA95 billion from life insurance. He also noted that the country has about 18 non-life insurers, compared with around 10 life insurance companies.

The group plans to distribute CFA660 million in dividends for the 2025 financial year, up from CFA400 million in 2024. That represents an increase of CFA260 million, or 65%.

SanlamAllianz was formed through the combination of the African operations of South Africa’s Sanlam and Germany’s Allianz. In Cameroon, the merger created two separate entities: SanlamAllianz Cameroun Assurance Vie and SanlamAllianz Assurances Cameroun.

With combined revenue of CFA58.4 billion, a life insurance balance sheet of CFA177 billion, and what it describes as a leading position in the life insurance market, SanlamAllianz aims to strengthen its presence in a sector that remains relatively underpenetrated. The challenge for the group will be to convert that scale into sustained growth in a market where customer trust, financial strength, and the ability to meet long-term obligations remain critical.

Ludovic Amara