When the two giant South African mutual life assurers, Sanlam and Old Mutual, listed on the JSE in the late 1990s, it would have been hard to imagine that a quarter of a century later Sanlam would be by far the more successful.

The question for today’s shareholders is whether Sanlam’s run of success is already priced in. There are certainly impressive metrics in the numbers for calendar 2023...

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