South African group buys 51 pct of Mozambican insurer

9 March 2015

South African group Sanlam Emerging Markets (SEM) has acquired a 51 percent stake in Nico Vida, Mozambique, a life insurance company owned by Malawi Nico Holdings group, the group said in a statement.

In 2014, the SEM group mentioned Mozambique, Angola and Zimbabwe as countries where it intended to make acquisitions after in October it acquired a 40 percent stake in short term business insurance company Enterprise Insurance, of Ghana, for 240 million rand.

In a statement, which did not disclose the value of the transaction, the SEM group said it already had a 25.1 percent stake in the insurer’s parent company, Nico Holdings Limited.

Founded in 1918 as a life insurance company, the Sanlam group, based in South Africa, has become a diversified financial services business through four companies – Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments and Santam.

The group’s areas of action include life insurance and financial planning, pension funds, asset management, risk management and capital markets. (macauhub/MZ)