Sanlam: Unit acquires foothold in Nigeria

Long-term insurer Sanlam has gained an indirect foothold in the Nigerian insurance market after one of its investments, FBN Life, acquired a majority stake in Lagos-based Oasis Insurance. The 71.2 percent stake in a company that has capital in excess of 3 billion Nigerian naira (about R200 million) will give Sanlam and FBN Holdings, which respectively hold 35 percent and 65 percent in FBN Life, an entry point into the general insurance sector of an economy that has been growing in excess of 7.6 percent a year on average since 2003. Oasis Insurance is listed on the Nigerian Stock Exchange and according to Nigerian insurance industry statistics cited by Sanlam, it contributed close to 80 percent of total insurance premiums in the country. Sanlam’s shares gained 0.15 percent to close at R52.38 yesterday. – Londiwe Buthelezi