Insurance companies Sanlam and Allianz merge their operations in Africa

AFRICA – Non-banking financial services company, Sanlam, and leading insurers and asset managers Allianz, have signed a deal to combine their current and future operations across Africa to create a Pan-African non-banking financial services entity operating in 29 countries in the continent. The partnership aims to increase life and general insurance penetration, accelerate product innovation and drive financial inclusion in…

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Ecobank partners five insurance companies to support its SMEs customers

TOGO – Ecobank Group’s Commercial Banking business has partnered with five insurance companies to offer a range of Bancassurance solutions to its Small and Medium-sized Enterprise (SME) customers across markets where Ecobank operates. OLD MUTUAL, ALLIANZ, SUNU, SANLAM & NSIA will offer Commercial Asset Insurance, Engineering insurance, Marine & Cargo insurance, Key Man insurance, Motor fleet Business Travel insurance, in…

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Sanlam launches new product for low-cost healthcare market

SOUTH AFRICA – Financial services group Sanlam has launched Sanlam Health Solutions, which aims to fill a gap in the healthcare market for affordable and flexible solutions that offer a low-cost alternative to traditional medical scheme cove, reports IOL News. The product will also deepen its existing partnerships with medical schemes Bonitas and Fedhealth. According to the group, medical scheme…

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Sanlam and Absa to merge their investment management businesses

SOUTH AFRICA – Sanlam, Africa’s largest non-banking financial services group, and Absa, one of Africa’s largest diversified financial services groups, have announced that they have reached an agreement to combine their investment management businesses, reports IOL News The move will result in an asset management company with assets under management, administration, and advice in excess of R1 trillion (US$66.4 billion).…

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Sanlam sells UK life and pension unit for US$54m

SOUTH AFRICA – Financial services firm Sanlam, is selling its 100 percent shareholding in subsidiary Sanlam Life & Pensions UK to Chesnara, a pensions and protection consolidator for US$54 million (R764 million). Sanlam said the sale was in line with its strategy to simplify its UK operations and reallocate capital to Africa and other selected emerging markets. The transaction is…

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Sanlam Investments launches sustainable infrastructure fund

SOUTH AFRICA – Asset manager, Sanlam Investments, has launched its Sustainable Infrastructure Fund (SIF) which will target investments in sustainable infrastructure projects including renewable energy.  Sanlam Investments says its fund will deliver stable, inflation-beating returns to investors over the long term via an easy-to-access fund structure.  Sanlam Investments has launched Sanlam Investments Sustainable Infrastructure Fund with commitments of R500 million (US$34.7 million).…

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MTN and Sanlam partner to build Africa-wide digital insurance business

SOUTH AFRICA – MTN Group and Sanlam are joining forces to offer insurance products to the telecommunications operator’s huge subscriber base on the continent, where relatively few have cover, a deal whose goal is to “change the face of insurance” on the continent. MTN, which is Africa’s largest mobile operator with 277 million voice subscribers, will leverage Sanlam’s license, geographical reach…

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Alexander Forbes offloads its retail life business to Sanlam for US$7.3m

SOUTH AFRICA – Financial services firm Alexander Forbes has concluded its exit from insurance business following the sale of transfer of its risk and retail life business to South African insurer Sanlam Life for US$7.3 million. The business operations formed part of AF Life, a long-term insurance company and wholly owned subsidiary of Alexander Forbes that provides group risk and…

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Sanlam Investments to raise additional US$2.5b capital for impact funds

SOUTH AFRICA – Sanlam Investments, South Africa’s largest black-owned asset manager, is looking to raise an additional US$2.5 billion for its range of impact funds. Sanlam injected US$161 million of its capital when it launched the Investors’ Legacy range in 2020 and has ambitions to attract like-minded investors to deliver on its goal of creating and preserving thousands of jobs and…

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IPP Acwa Power secures US$500m funding for its Redstone solar power plant in Northern Cape

SOUTH AFRICA – Saudi Arabian independent power producer (IPP) Acwa Power, has raised US&500 million from the African Development Bank (AfDB), Absa Bank, Development Bank of Southern Africa (DBSA), CDC Group, Nedbank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Investec Bank and Sanlam Life Insurance to finance the construction of Redstone concentrated solar power plant (CSP). Following…

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