Sanlam feels the pinch as local policies lapse
With stressed consumers increasingly surrendering their life policies, the insurer must rely on its growth ventures outside South Africa to pick up the slack
14 September 2023 - 05:00
“We need to start turning [things] around in South Africa,” Sanlam CEO Paul Hanratty tells the FM.
Hanratty’s feeling is clearly shared by almost every business leader in South Africa as the economy buckles under rolling blackouts, high inflation (and its counterweight: elevated interest rates) and incessant high unemployment. Joining the growing choir that includes Standard Bank CEO Sim Tshabalala, African Rainbow Minerals’s Patrice Motsepe and Pick n Pay chair Gareth Ackerman, businesses are increasingly worried about the financial health of South African consumers...
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