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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now