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S.Africa's Sanlam eyes Tanzania, Zambia-paper

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by nngu007, Apr 8, 2011.

  1. nngu007

    nngu007 JF-Expert Member

    Apr 8, 2011
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    JOHANNESBURG, April 6 (Reuters) - South African insurer Sanlam (SLMJ.J: Quote) will invest in medical insurance businesses in Tanzania and Zambia this year as part of a growth strategy to find ways to put its 4 billion rand ($595.2 million) in excess capital to use, Business Day newspaper reported on Wednesday.

    Johan van Zyl, Sanlam's chief executive officer, told the newspaper 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 $582 million on strategic investments. (Reporting by Gugulakhe Lourie; Editing by Phumza Macanda)