South African insurance group negotiates purchase of assets in Angola

1 September 2015

Sanlam Emerging Markets, a subsidiary of South Africa’s Sanlam group that focuses on emerging markets outside South Africa, is negotiating the purchase of assets in Angola, the company’s director said on Monday.

Heinie Werth told Reuters financial agency that Angola has “always been on the company’s radar.” The group aims to gain a foothold there by purchasing assets and the respective “negotiations are under way.”

The group’s weak growth in South Africa is the basis for the decision to expand to Angola and other African countries where the number of people investing in health insurance is on the rise.

The company recently announced that NICO Moçambique Vida Companhia de Seguros had changed its name to Sanlam Seguro de Vida (life insurance). The new brand image of the Mozambican insurer thereby follows the aim of consolidating its identity and enhancing visibility in Mozambique and southern Africa.

Last February Sanlam Emerging Markets acquired 51 percent of the representative shares of the Mozambican insurer’s capital, also in the scope of the company’s expansion process on the African continent.

The Sanlam group is a diversified financial services company managing assets of more than US$60 billion. It is present in Botswana, Ghana, India, Kenya, Malawi, Malaysia, Mozambique, Namibia, Nigeria, Rwanda, Swaziland, Tanzania, Uganda and Zambia, with plans for further expansion to other African countries and emerging markets. (Macauhub/MZ)