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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