Sanlam said its acquisition of the group risk and retail life businesses (AF Life Book) of Alexander Forbes Life for R100 million, a deal first announced in July last year, would be implemented following the fulfilment of all suspensive conditions.
The date that the transaction became effective was March 31, 2022. Fifty percent of the R100m would be deferred and paid in two equal payments, to be made 12 and 24 months respectively from the effective date, subject to the achievement of agreed metrics.
Sanlam said the transaction would contribute towards the realisation of its South African growth strategy by strengthening Sanlam Life’s position in the group risk and retail life insurance markets.
“The transaction is expected to deliver capital synergies by integrating the AF Life Book into the Sanlam Life licence and diversifying the portfolio of risks,” the life assurance and financial services group said.