With the listing of its new version in Johannesburg by the end of the year, Old Mutual aims to be in a position to even better flex its muscle on the domestic front with a more competitive offering. Even in its current guise the insurer is dominant in its home market. On the rest of the continent, though, it's still some way off Sanlam. Since Old Mutual's demutualisation and listing in London at the turn of the century, Sanlam has transformed itself from an Afrikaans-focusing middle-market insurer to a continental player with a footprint spanning about 34 African countries. By contrast, Old Mutual has a presence in 13 African countries. Sanlam recently upped the ante when it announced the planned acquisition of the remaining 53.37% shareholding in Moroccan firm Saham Finances, which will give it full control of one of the largest insurers in Africa.So while Old Mutual will maintain its leading market share in South Africa post its local listing, it cannot take anything for granted. ...
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