Nairobi, March 20 -- Insurance multinational Sanlam Limited intends to accelerate the growth of its African business through its joint venture with Allianz SE which will bring together their interests in multiple markets including Kenya.

The companies are set to start their 10-year partnership in three months, combining their interest in their local subsidiaries Sanlam Kenya and Jubilee Allianz General Insurance Kenya among other assets spread across various markets.

"Approvals for the Allianz Joint Venture remain on track, and we expect implementation around mid-2023," South Africa-based Sanlam said in a trading update.

"The African portfolio will be considerably expanded and diversified, with reasonable cost, capital and revenue syne...