Mbabane – Africa’s largest insurer, Sanlam, has reported record earnings for the first half of the year, driven by strong growth in India and a rebound in its African operations.
The group announced on Thursday that profit rose 7 percent to R11.6 billion (E654 million) for the six months ending June. Net revenue from financial services increased by 14 percent to R8.1 billion.
Sanlam, which operates in 31 countries, is expanding its footprint in the financial sector. The company revealed plans to partner with Tyme Bank, a South African digital lender backed by billionaire Patrice Motsepe, in a joint venture aimed at boosting its personal loans business.
In India, Sanlam has strengthened its position in the asset and wealth management sector by raising its stake in Shriram Wealth from 26 percent to 49.7 percent. The two companies have had a partnership in life and general insurance since 2005.
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