Sanlam’s quiet transformation from an Afrikaans middle-market insurance company to a multinational conglomerate with offices across Africa and in India and Malaysia proves that even financial services companies can change their stripes. Granted, it has taken 100 years: the insurance group this year celebrates its 100th anniversary in SA as Sanlam. Still, its English counterpart, Old Mutual, which reported results on Thursday, has enjoyed far less success from its cross-country exploits. Having trimmed down its international operations considerably over the past decade, Old Mutual is now returning home, ditching its London head office and dropping "plc" as it dual lists on the JSE and London Stock Exchange as Old Mutual Limited. It will have its work cut out to catch up with its blue rival. Since its demutualisation and listing in 1999, Old Mutual’s shareholders who reinvested dividends would have gained 553%, versus the 2,822% total return that Sanlam shareholders gained. Sanlam’s A...
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