17 November 2016
Sanlam is pleased to announce that it has concluded the acquisition of a direct stake of 23% in both Shriram Life Insurance Company and Shriram General Insurance Company, following the recent regulatory changes that allow up to 49% foreign shareholding in insurance companies in India.
Sanlam currently holds a 26% stake in Shriram Capital Limited (SCL) through Sanlam Emerging Markets (SEM). SCL has stakes in, among others, credit and insurance businesses.
The Sanlam and Shriram partnership dates back to 2005 and Sanlam believes that the Shriram Group is well positioned for growth in the Indian market. In addition, this reaffirms Sanlam’s confidence and commitment to the Indian economy.
Says SEM’s Chief Executive Officer, Mr Junior Ngulube: “This acquisition is in line with SEM’s commitment to drive growth opportunities in both current and new markets, focusing on existing partners in emerging markets that offer a good distribution capability and have a strong local brand.”