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 penetration is low in South Africa with only 8.9 million South Africans (15.2% of the population) are members of medical schemes, either directly or as beneficiaries. Paul Hanratty, Chief Executive…

Read More

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). The transaction will see Absa exchange its investment management business, Absa Investments, for a stake of up to 17.5% in Sanlam Investment Holdings Proprietary Limited (SIH). Absa Investments comprise Absa…

Read More

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 subject to regulatory approvals in South Africa and the UK and is expected to be completed in early 2022. Chesnara said Sanlam Life & Pensions UK would add US$4 billion…

Read More

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). Ockert Doyer, the fund’s lead portfolio manager commented said: “Capital investment into South African infrastructure projects is vital for recovery and a return to solid growth. Efficient infrastructure brings faster…

Read More

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 and expertise, while the insurer will be able to expand further outside its home market, South Africa, by selling its products to MTN’s vast customer base, they said in a…

Read More

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…

Read More

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…

Read More

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…

Read More

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,…

Read More

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.…

Read More