Sanlam sets foot on Rwandan market

Sanlam Emerging Markets (SEM) acquired 63% of Soras Group Limited, the largest Rwandan life and non life insurer. This acquisition is estimated at 24.3 million USD. The Kigali-based group was set up in 1984 and has experienced strong growth in recent years.

SEM is a subsidiary of Sanlam whose strategy is to expand the activities of the brand in emerging markets. It is operating in eleven African countries including South Africa. The choice of Rwanda was, among others, motivated by Soras’ expertise on the local market, the high growth rate reported by the country for almost 15 years (+8.2% annual growth) and the low insurance penetration rate.