Sanlam Emerging Markets in discussions with NICO Holdings Limited for the acquisition of a stake in the general insurance operations in Malawi, Tanzania, Uganda and Zambia
11 October 2013 | Company News & Results | Sanlam | Heinie Werth, SEM
Sanlam Emerging Markets (SEM), the cluster within the Sanlam Group tasked with expansion into international emerging markets, has announced that it is currently finalising agreements to acquire 49% of NICO Holdings Limited’s stake in the NICO group’s general insurance operations in Malawi, Zambia, Uganda and Tanzania.
"SEM already holds a 49% in NICO Life insurance in Malawi and the current discussions form part of SEM’s strategy to deepen relations with existing partners in our pursuit of appropriate opportunities in emerging markets. The life operations in which we became involved during 2011 have done well despite difficult trading conditions in Malawi in recent years. We are looking forward to broadening our relationship with NICO Holdings,” said Mr. Heinie Werth, Chief Executive Officer of SEM.
SEM, which is currently doing business in India, Malaysia and 10 countries in Africa, delivered exceptional growth of 83% in gross result from financial services for the half year to 30 June 2013. This was despite a challenging operating environment across all markets.
Africa remains a key investment destination for the Sanlam Group.
Sanlam would inform the market in due course regarding the conclusion of the talks with Nico Holdings.
