Sanlam: diversified geographical presence

In terms of geographic presence, Sanlam is among the world's leading insurance groups. It is by far the first African insurance group with 6.635 billion USD of life and non-life premiums written in 2020.

geography Thanks to its SEM (Sanlam Emerging Market) division, the group has managed to expand its presence on the continent and internationally. It has, therefore, become the leading insurer in Africa with a presence in 32 countries, excluding South Africa.

Until 1991 and the end of apartheid, Sanlam's presence outside South Africa was limited to a few participations in neighboring countries. With the advent of post-apartheid South Africa, Sanlam embarked on an all-out expansion.

Initially, the southern cone of the continent was targeted, followed by the Great Lakes region and East Africa. Consequently, Sanlam is present in Zambia, Tanzania, Namibia, Mozambique, Botswana, Swaziland, Lesotho, Zimbabwe, Mauritius, Malawi, Rwanda, Uganda, Kenya, Burundi and Nigeria.

The 2018 acquisition of Moroccan group Saham Finances, which operates in 17 countries, represents the third milestone in Sanlam's African footprint. With the acquisition of Saham, the South African giant has expanded its presence in French-speaking North, West and Central Africa. In addition, the group is consolidating its presence in Angola, where Saham held a good position on the market.

Finally, the takeover of the Moroccan group gives Sanlam a solid foothold in the Middle East with the Lebanese company LIA.

Outside Africa and the Middle East, the group is active in India, Malaysia, the Philippines, the United Kingdom, France, Ireland, the United States, Switzerland, Luxembourg and Australia.

In total, Sanlam has a presence (directly and indirectly) in 45 countries.

Main Sanlam Emerging Markets (SEM)’s shareholdings in Africa

 CountrySEM's sharesInformation
Botswana Ins. Holdings (BIHL)Botswana60%BIHL is the fourth company listed on the Botswana Stock Exchange. The holding company comprises Botswana Life Insurance (BLIL), Botswana Insurance Company (BIC) and Botswana Insurance Fund Management (BIFM).
Sanlam KenyaKenya56%Listed on the Nairobi Stock Exchange, the Kenyan entity includes Sanlam Life Insurance, Sanlam General Insurance and Sanlam Investments.
NICO HoldingsMalawi49% (direct) 25% (indirect)Sanlam is present in Malawi through:
- its subsidiary BIHL which owns 25% of NICO Holdings Ltd,
- a 49% direct interest in NICO Life Insurance.
Sanlam Seguro de VidaMozambique51%Acquisition in December 2014 of 51% of Sanlam Seguro de Vida (Ex NICO Vida), a company specialized in life insurance and pension fund management.
Sanlam Namibia HoldingsNamibia59%Sanlam holds a 54% direct interest in Sanlam Namibia Holdings and 5% through Capricorn Investment Holdings. Sanlam also holds a 37% stake in Santam Namibia.
FBN Insurance (FBNI)Nigeria100%FBNInsurance was established in 2010 in partnership with First Bank Nigeria. In 2020, Sanlam increases its stake in FBNI from 35% to 100%, thus becoming the owner of FBNI and its subsidiary FBN General Insurance.
FBN General Insurance
Continental ReNigeria51% (indirect)In 2016, African Capital Alliance (ACA) and Sanlam Group acquired a 51% stake in reinsurer Continental Re through the Capital Alliance Private Equity IV (CAPE IV) fund.
Sanlam Life Ins. Rwanda100%Acquisition in 2013 of 63% of Soras Group, Rwanda's leading life and non-life insurance company.
Sanlam General Ins.Purchase in 2019 of all Soras and merger with Saham Assurance (Rwanda).
Sanlam Life InsTanzania64%Sanlam has a 64% stake in Sanlam Life Insurance (formerly African Life Assurance Tanzania) and a 50% stake in Sanlam General Insurance (Ex NIKO Tanzania).
Sanlam General Ins50%
Sanlam Life Ins.(Uganda)Uganda100%In 2015, NIKO Insurance Company Uganda was renamed Sanlam General Insurance.
Sanlam General Insurance82%
Sanlam Life Ins. ZambiaZambia70%Sanlam Life Insurance Zambia was established in 2012. It takes over the portfolio of African Life Assurance Zambia.
NICO Insurance Company Zambia57%Sanlam also holds an indirect 29% stake in African Life Financial Services through its subsidiary BIHL.
Masawara PlcZimbabwe40%In 2015, Sanlam entered the Zimbabwean market with the acquisition of 40% of Masawara Plc. The group thus holds an indirect 40% stake in Zimnat Life Assurance and Zimnat General Insurance.

Sanlam Emerging Markets’ main shareholdings outside Africa

 CountrySEM's sharesInformation
Shriram Capital (SCL)India26%Sanlam has been a partner in Shriram Life since 2006 and in Shriram General Insurance since 2008. The group has recently increased its direct stake in Shriram Capital from 23% to 26%.
Pacific and Orient Insurance Company BerhadMalaysia49%Acquisition in 2013 of a 49% stake in the non-life insurer, Pacific and Orient Insurance Company Berhad.
MCIS Insurance Berhad51%Acquisition in 2014 of 51% of the capital of the life insurer MCIS Insurance Berhad.
LIA AssurexLebanon70%LIA Insurance is acquired in 2012 by Saham. Merger in July 2021 between LIA Insurance and Assurex Insurance and Reinsurance.

Subsidiaries owned by Sanlam Pan Africa Assurance (SPA)

These are mainly subsidiaries acquired from Saham Finances in 2018.

 CountrySPA’s shares
Saham Assurance Maroc (1)Morocco61.70%
Sanlam Angola SegurosAngola100%
Sanlam AssuranceBurkina Faso100%
Sanlam AssuranceCongo100%
Sanlam AssuranceBenin100%
Sanlam AssuranceCameroon100%
Sanlam AssuranceCôte d’Ivoire100%
Sanlam AssuranceGabon100%
Sanlam AssuranceGuinea100%
Sanlam General InsuranceMauritius100%
Sanlam AssuranceMadagascar100%
Sanlam AssuranceMali100%
Sanlam AssuranceSenegal100%
Sanlam AssuranceTogo100%

(1) Bought in 2005 by the Saham group, CNIA Assurance became CNIA SAADA Assurance in 2009 and then Saham Assurance in 2014. Sanlam entered its capital in 2018 following the buyout of the parent company Saham Finances.

Principales participations détenues par Santam dans des sociétés d’assurance partenaires

Companies Country20162017201820192020
Pacific and Orient Insurance Company BerhadMalaysia15.40%15.40%15.40%15.40%15.40%
Shriram General Insurance CompanyIndia15.00%15.00%15.00%15.00%15.00%
SAN JV (Saham)Morocco7.50%7.00%10.00%10.00%10.00%
FBN General Insurance Nigeria12.30%12.30%12.30%3.50%10.00%
Sanlam General Insurance (Uganda)Uganda28.60%28.60%28.60%9.50%9.50%
SORAS Assurances GénéralesRwanda26.10%26.10%26.10%9.00%9.00%
NICO Holdings general insurance subsidiariesMalawi & Zambia19.80%19.80%19.80%5.60%5.60%
Sanlam General Insurance (Tanzanie)Tanzania17.40%17.40%17.40%5.00%5.00%
Zimnat Lion Insurance CompanyZimbabwe14.00%14.00%14.00%4.00%4.00%
Grand Reinsurance Company Zimbabwe14.00%14.00%14.00%4.00%4.00%
Sanlam General InsuranceKenya10.90%13.70%13.70%3.90%3.90%
SOCAR BurundiBurundi8.60%8.60%8.60%3.10%3.10%
Botswana Insurance CompanyBotswana10.30%10.30%10.30%2.90%2.90%
BIHL Insurance CompanyBotswana21.20%21.20%21.20%--
Enterprise Insurance CompanyGhana14.00%----

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