Sanlam targets Tanzania and Zambia for growth

2011-04-06 07:12

Sanlam will invest in medical insurance businesses in Tanzania and Zambia this year as part of a growth strategy to find ways to put its R4 billion in excess capital to use.

Johan van Zyl, Sanlam’s chief executive officer, told Business Day that this year the group would further diversify its financial services offering by venturing into the medical insurance business with some of its African operations, starting with Tanzania and Zambia.

“We will also be expanding into more developing countries and have identified opportunities in other countries, including Swaziland, Zimbabwe and Angola,” he said.

Last month Sanlam, South Africa’s second-largest life insurer by market value, posted a 16 percent rise in full-year profit, helped by a recovery in equity markets and strong underwriting, and said it was looking to spend up to R4 billion on strategic investments.

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