Africa’s largest insurer, Sanlam, has suffered a blow to its ambitious pan-African expansion drive after failing to meet the conditions set out in to shore up its majority stake in Moroccan insurer Saham Assurance Maroc.

In a brief statement, the company said the nearly R2bn transaction to increase its shareholding to 84.5% had “lapsed”. It currently has a 61.7% stake in the property and casualty insurer. It was subject to conditions and approvals from regulators in both countries...

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