One of the grand dames of the South African insurance and wealth management sector, Sanlam, has gone on a shopping spree that isn't likely to end any time soon. The group has bought stakes in a range of businesses, from fintech to healthcare. The acquisitions come at a time when Sanlam is facing increased pressure in the sectors it operates in from the likes of Discovery. It also faces the prospect of Old Mutual - once it is unbundled - becoming more focused on Africa which is Sanlam's key market. Since the start of the year, the 99-year-old group has bought stakes in four companies that operate in Africa. Sanlam CEO Ian Kirk told Business Times that as long as the group could continue to generate discretionary capital, it would continue to buy and invest in businesses. Kirk said that since 2005, the focus had been on capital efficiency and ensuring it improved on the return it made off the group's capital. Initially that involved buying back Sanlam's own shares, which were below th...

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