Sanlam: Insurer plans for African acquisitions

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Sanlam planned to conclude three or four acquisitions in other African countries this year as it chased faster-growing markets, a senior official said. Sanlam, which already has businesses in 10 English-speaking countries on the continent, was turning its focus to neighbouring Portuguese-speaking nations and further afield to north Africa, its head of business outside South Africa said. “I would hope to have one wrapped up either in Mozambique or in Angola. I would hope for one or two in east Africa,” Margaret Dawes, Sanlam’s emerging markets executive director for Africa operations, told the Reuters Africa Summit. “Three or four I would hope.” Chief executive Johan van Zyl said last month Sanlam had a $374 million (R4 billion) kitty to spend on purchases in Africa and Asia. The company is moving into other countries to hedge against a maturing home market. Shares lost 0.18 percent to close at R54.89 yesterday. – Reuters

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