Sanlam expands across Africa

One of Africa’s insurance company, Sanlam, continues to expand its business operations across the continent.

The financial services group recorded a 22% increase in new business to R224 billion for the six months ended 30 June 2026, while client investments through its businesses rose by 64% to N$78 billion.

Sanlam said the growth was supported by its life insurance, general insurance and investment management businesses.

The results come as insurance companies across the region continue to seek ways to reach more customers and offer products that help individuals and businesses manage financial risks.

Sanlam Group Chief Executive Officer Paul Hanratty said the company’s performance showed that customers continued to have confidence in its services despite economic challenges.

“Our strong underlying growth reflects the attractiveness of our markets and the deep trust our clients place in Sanlam,” Hanratty said.

He said the group remained positive about its outlook for the rest of 2026 and would continue to invest in Africa and India.

“We are investing heavily in our home market, across the continent and in India, as we are confident in the opportunities these markets represent,” he said.

Sanlam, which has operations in Namibia, said its strategy remains focused on expanding its insurance and investment businesses in markets with growth potential.

The company reported core earnings of N$7.4 billion, up 1%. However, the group said severe weather events and large insurance claims in South Africa and other African countries affected its performance.

Extreme weather has become an increasing challenge for insurers, with floods, storms and other disasters driving up the number and cost of claims.

Sanlam said it continued to strengthen its operations in India through its partnership with Shriram Financial Services, with a focus on life insurance, general insurance and capital markets.

In Africa, the group completed the integration of its Moroccan operations into SanlamAllianz after receiving regulatory approval. Sanlam also reported progress in South Africa, where it received approval to provide transactional banking services through its partnership with GoTyme.

Its insurance business, Santam, has also entered the Lloyd’s market through Santam Syndicate 1918. The syndicate has secured expected gross written premiums of N$1.3 billion.

Sanlam’s financial position remained strong, with discretionary capital of N$2.3 billion and a solvency ratio of 177% at the end of June 2026.

Looking ahead, the group expects earnings to improve as its investments begin contributing more to the business.

However, Sanlam warned that global economic conditions, market changes and severe weather events remain risks that could affect its performance.

-pmukokobi@nepc.com.na

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