Sanlam completes the sale of three UK subsidiaries

Sanlam has been granted regulatory approval for the sale of its three UK subsidiaries. As part of this transaction, the South African insurer is selling its asset management, investment and corporate finance activities Sanlam Private Investments UK Holdings and its wealth management activities Sanlam Wealth Planning Holdings UK to investment funds managed by Oaktree Capital Management.

The British group Chesnara is acquiring the life insurance and pensions subsidiary Sanlam Life & Pensions UK.

The total amount of these transactions’ amounts to 153 million GBP (188.663 million USD).

This sale is part of the South African group's strategy which aims at simplifying its operations in the United Kingdom and reallocating capital in Africa.

This has materialized with the recent merger between Sanlam and Allianz which led to the creation of the largest African insurance group.