The South African insurance companies, which account for more than 70% of all continental underwritings, are extending their influence on the African market.
Their leader Sanlam, has made a prime decision by buying 53.4% of Saham Finances for the sum of 1.05 billion USD. The South African giant, which already had a 46.6% stake in Moroccan group's capital, henceforth takes full control of the continent's largest insurer outside South Africa.
The transaction officialized on March 7, 2018, is currently subject to approval by the supervisory authorities. In accordance with Moroccan stock market regulations, the acquisition of Saham Finances, a company listed on the Casablanca Stock Exchange, will be followed by a public takeover bid.
This operation will serve as a springboard for Sanlam to expand its operations in North Africa and the Middle East where Saham is already well established in Lebanon. With a market capitalization of 16 billion USD, the South African group has subsidiaries in Botswana, Namibia, Malawi, Kenya, Rwanda, Tanzania, Zambia, Ghana, Nigeria, Uganda, Mozambique, India and Malaysia. It is also indirectly present in Gambia, Burundi, Lesotho, Swaziland and the Philippines.
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