Sanlam Ltd., Africa’s largest insurer, has reported record profits for the first half of the year, buoyed by a recovery in its African operations and strong growth in India. The company’s profit increased by 7% to 11.6 billion rand (approximately $654 million) for the six months ending in June, as revealed in a recent statement.
The insurer’s net revenue from financial services also saw a significant boost, climbing 14% to 8.1 billion rand. This remarkable performance underscores Sanlam’s successful strategies in various markets.
As part of its growth ambitions, Sanlam has announced plans to form a joint venture with Tyme Bank, a digital lender backed by billionaire Patrice Motsepe. This partnership aims to enhance Sanlam’s personal-loans business in its home market of South Africa, demonstrating the company’s commitment to expanding its offerings.
In addition to its South African initiatives, Sanlam has increased its stake in Shriram Wealth in India, aiming to tap into the rapidly growing asset- and wealth-management sector in the country. This deal, which was announced last year, raises Sanlam’s economic shareholding in Shriram to 49.7%, up from 26%. The insurer has collaborated with Shriram Capital Ltd. on life and general insurance since 2005, solidifying its presence in the Indian market.
With operations spanning 31 countries, Sanlam is well-positioned to leverage its diverse portfolio and continue its expansion efforts. The impressive profit growth reflects the effectiveness of its strategies and the potential for further success in both Africa and India.