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Sanlam says it has R3bn in discretionary capital that is earmarked for growth opportunities mainly in Africa and South-East Asia.
Sanlam said its associate company FBN Life Assurance had acquired 71.2% of Nigeria-listed short-term insurer Oasis Insurance for an undisclosed sum.
It is surprising to see how limited Old Mutual's exposure to most of the large markets in Africa has been. For its first 160 years it focused on a few of the outposts of the British empire in East and southern Africa, with little claim to be a pan-African insurer.
Old Mutual has bought a third company, Faulu Kenya, as it expands its footprint on the African continent, the company said on Wednesday (3 July).
Banking systems across sub-Saharan Africa (SSA) have grown and strengthened significantly over the past decade and favourable macroeconomic‚ regulatory and financial trends indicate that further improvements lie ahead‚ Moody's Investors Service says in a new special comment published on Wednesday (19 June).
Global legal practice Norton Rose has advised South African insurers expanding into other African countries to look beyond the sector-specific regulatory requirements in the jurisdictions they are entering as failure to do so could undermine their investments.