STEPHEN CRANSTON: Sanlam familiarising itself with north Africa
Over the next five to 10 years the factor that will keep Sanlam in pole position among SA life offices will be the way it manages its relationship with Saham Finances
There was a fashion in the 1920s, soon after the discovery of King Tut’s tomb, for everything from Egypt and the Middle East. Nearly a century later this North African fever has hit Bellville. I hear the Sunday breakfast run on Harleys has been replaced with camel races. And I believe there was a memo in Sanlam that the CE Ian Kirk was henceforth to be known as Sheikh Ian.Jokes aside, Sanlam executives are eagerly familiarising themselves with Africa north of the Sahara. Over the next five to 10 years the factor that will keep Sanlam in pole position among SA life offices will be the way it manages its relationship with Saham Finances. It took a 30% share of the multinational insurer which, in one go, gave it access to countries as diverse as Saudi Arabia, Mali, Morocco and Angola.It paid a full price of US$375m (a historic p:e of 24), but unlike greenfields projects it has been contributing from day one, and with R111m contributed about half the earnings from the rest of Africa. Th...
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