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 retail life insurance policies with a focus on small to medium clients. The business, now discontinued, recorded gross insurance premium income of US$72.5 million for the year ended 31 March…

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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 bolstering economic recovery.  The information was disclosed in the first Sanlam Investments Responsible Investment and Stewardship Report released recently. Nersan Naidoo, CEO of Sanlam Investments, said the asset manager’s purpose has evolved…

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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 the announcement of the fundraiser, construction work on the 100 MW capacity facility is set to begin. The announcement is an important milestone for this concession granted to Acwa Power…

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Insurance company Sanlam acquires an additional 22.8% interest in Morocco’s Saham Assurance

MOROCCO – Sanlam, a South African insurance giant, has added a 22.8% interest in Morocco’s Saham Assurance Maroc in a deal worth US$137.1 million (MAD1.2bn). The deal sees Sanlam subsidiary SAN JV (RF) Proprietary (SAN JV) raise its direct and indirect stake in the Moroccan property and casualty insurer. SAN JV will buy the shares from Moroccan business tycoon Said Alj and two of his associated entities – Sanam Holdings and First Commercial Estate Company. The transaction will raise SAN JV raise its holding in Saham to 84.5%. The deal,…

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Sanlam to focus on home market as merger deal misfires

SOUTH AFRICA – It’s now two years since the Cape Town-based financial services firm bought Morocco’s Saham Finance for $1.1 billion, spreading its reach to 33 countries across Africa and making it the continent’s largest insurer but a crisis in Lebanon, underwriting practices that didn’t meet Sanlam’s criteria and an over-reliance on investment returns has seen the purchase fall short of investors’ expectations. Sanlam Ltd is now refocusing on the South African insurer’s home market and plugging holes from its largest-ever acquisition to squeeze higher returns out of its businesses.…

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Sanlam donates US$2.3m to 32 African countries to fight COVID

AFRICA – Sanlam, a financial service group, has donated US$2.3 million to 32 African countries where it operates to help initiatives in the fight against the coronavirus pandemic through its Sanlam Emerging Markets (SEM).   According to the press statement, the funds are aimed at assisting efforts in ‘flattening the curve’ and to support various initiatives to combat the spread and the impact of the virus and will be used for personal protective equipment (PPEs), contributions to national solidarity funds, food relief and assist schools with e-learning.  SEM CEO, Heinie Werth…

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Sanlam sells property worth US$4.5m to help recovery from rising loss

KENYA – Life insurance firm, Sanlam has sold off a property worth US$4.5m (Ksh450 million) in December 2019 as it sought to cut its exposure to the struggling real estate industry. The company which remains on an aggressive asset recovery strategy following a rough patch in 2018 has set a new target of raking in at least US$20m (Ksh2 billion) in recoveries for the year. Further, Sanlam remains engaged on the recovery of investments in Kaluworks, Nakumatt Holdings and Athi River Mining (ARM) having restructured its US$3.98m (Ksh398 million) corporate…

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Sanlam names Namibia’s Linda P Creations as winner of Innovation Works project

NAMIBIA – Sanlam, together with their project partner Namibia Business Innovation Institute (NBII), confirmed Linda P Ndakolo of Linda P Creations as the winner of the 2019 Sanlam Innovation Works project where over 100 jobs created.  Linda P Ndakolo walked away with a cash prize of N$25 000 (about US$1700) to further invest in her business.  Linda P Creations produces dishwashing liquid and other various cleaning products. Her Kitchen Captain dish-washing liquid can be found in shops such as Shoprite and Maerua Spar. Currently in its fifth year running, the…

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Sanlam Kenya appoints Caroline Laichena as general insurance CEO

KENYA – Sanlam Kenya, a non-bank financial services provider has appointed Caroline Laichena as the new General Insurance Chief Executive Officer, reports The Star. Laichena has been serving in an acting capacity since January following the exit of George Kuria. In a statement to newsrooms on Thursday, Laichena’s appointment takes effect from November 1. The company said her appointment further follows a series of competitive recruitment processes and is part of Sanlam Kenya’s ongoing efforts to deepen its leadership capacity for business growth. Group CEO Patrick Tumbo said the Laichena…

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MTN partners with Sanlam to launch an innovative digital-based insurance product

SOUTH AFRICA – MTN South Africa, a multinational mobile telecommunications company, and Sanlam Personal Finance, financial services group, announced that Sanlam Indie’s InsurTech offering is now available to MTN’s digitally-savvy customers, reports IOL Business Report. Following the recent announcement of MTN SA and Sanlam’s joint initiative aimed at bringing affordable and convenient InsureTech offerings to a wider range of consumers, the companies have announced the first joint offering that forms as part of this collaboration. This sees Sanlam Indie, a range of innovative and inclusive financial services, now being made…

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