Sanlam Set to Expand Further into African Insurance Market

April 8 - Insurance giant, Sanlam, has stated its intention to expand further into Africa, and is looking for business opportunities among medical insurance groups in Zambia and Tanzania.

Other African countries are also on the cards.

Business Day has quoted Sanlam's Chief Executive Officer, Johan van Zyl as saying that it expects to start offering its services in these countries as early as this year.

"We will also be expanding into more developing countries and have identified opportunities in other countries including Swaziland, Zimbabwe and Angola," said van Zyl.

But Sanlam is not only limiting its growth on the African continent. It is also seeking opportunities in the United Kingdom and India.

These expansions are part of Sanlam's growth strategy to use up its R4 billion excess capital.

Sanlam, which is South Africa's second largest life insurer, posted a 16% rise in full year profit last month.

The group was helped by a recovery in equity markets and strong underwriting, according to Reuters.

Sanlam has said that it is looking to spend up to $582 million on strategic developments.

Van Zyl also didn't rule out the possibility of returning money to shareholders through share buy-backs.

"We are operating off a solid base in SA and we are well positioned in markets that continue to present huge growth opportunities, namely Africa, India and the UK," he said.