South African insurance company Sanlam Ltd expected to enter Mozambican market this year

9 September 2011

Cape Town, South Africa, 9 Sept – The Sanlam Ltd group, one of South Africa’s largest insurance companies, is analysing its entry into the Mozambican market by the end of the year, the company said in a statement issued in Cape Town Thursday.

On presenting the provisional results for the first half of 2011, Sanlam Ltd also said that, as well as Mozambique, it was also looking into the possibility of expanding the company in other African and Southeast Asian countries, which it did not name.

The group said it had invested 1.9 billion rand (US$266 million) in acquiring a 26 percent stake in Indian company Shriram Capital.

Sanlam Ltd, which controls wealth management companies, insurance and risk coverage companies in South Africa, Nigeria, Kenya and Botswana plans to invest 3.2 billion rand in acquisitions in Africa and India in order to buck the trend of lower growth seen in South Africa. (macauhub)