The South African insurance group has just bought its local rival, Assupol Holdings for $349 million. This operation should consolidate Sanlam’s product offering in the areas of funeral services, retirement savings and life insurance..
The South African insurance company Sanlam announced in a press release published Friday February 2, 2024, the acquisition of its local rival Assupol Holdings for 6.5 billion rands ($349 million) in order to consolidate its product offering on the the most developed insurance market on the continent.
Listed on the Cape Town Stock Exchange, Assupol Holdings is expected to continue to operate with its own brand and identity, under the leadership of a separate management team, Sanlam said in the market statement.
The transaction, which remains subject to approval by regulators of the insurance sector in South Africa, is expected to consolidate Sanlam’s offering in the areas of funeral services, retirement savings and life insurance. “This transaction will allow us to strengthen our fortress strategy in South Africa,” said Paul Hanratty, managing director of Sanlam, quoted in the press release published by the group.
“The acquisition will not only strengthen Assupol’s position in the market, but also our ability to continue to deliver exceptional value to our customers. We are excited about this new chapter, and we look forward to the benefits it will bring to both our employees and our customers,” said the Chairman of the Board of Directors of ‘Assupol Holdings, Reuel Khoza.
Sanlam operates in 31 countries, notably in Africa and Asia, but generates approximately 75% of its turnover on its home soil, in South Africa.
Par ALSO WITHEditorial Committee
2024-02-06 23:06:57
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