Sanlam increases stakes in two Indian insurance companies

Added 16th November 2016

South African financial services group, Sanlam has acquired bigger stakes in two Indian insurance companies, following recent regulatory changes that allow up to 49% foreign shareholding in insurance companies in the country.

Sanlam increases stakes in two Indian insurance companies

Sanlam has acquired a further direct 23% stake in Shriram Life Insurance Company, as well as a further direct 23% stake in Shriram General Insurance Company.

Financial details were not disclosed.

Established partnership

Sanlam has been in partnership with Shriram Group since 2005 for life insurance, via Shriram Life, and since 2008 for short-term insurance, via Shriram General.

In 2012, Sanlam invested a further INR2bn (£23.7m, $29.5m, €27.4m) in Shriram Capital Limited (SCL), the holding company for Shriram Group’s financial services interests.

Following the investment, Sanlam held a 26% stake in SCL through its subsidiary Sanlam Emerging Markets (SEM).

Indian growth

The driver for the recent investment was Sanlam’s belief that Shriram Group is well positioned for growth in the Indian market. 

SEM’s chief executive, Junior Ngulube, said: “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.”

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

Features

Why advisers need to ‘keep their mouths shut’

Why advisers need to ‘keep their mouths shut’Lock icon

Award-winning adviser and author Deena Katz outlines the importance of conversation, academic training and the rise of fee-based advice in the US.

Analysis

Profiles

Directories

Canada Life International Limited
Canada Life International...

Canada Life International Canada Life House,...

Tweets

Events

IA Portfolio Bond & Tax Planning Forum Birmingham 2017
IA Portfolio Bond & Tax Planning Forum Birmingham 2017

Tuesday 20 June
The Hyatt Regency, Birmingham

 

IA International Fund Links Forum 2017
IA International Fund Links Forum 2017

Wednesday 14 September

The Langham, London

IA Best Practice Adviser Awards Europe 2017
IA Best Practice Adviser Awards Europe 2017

Thursday 28 September
The Waldorf Hilton, London

IA Future Advisory Forum Europe 2017
IA Future Advisory Forum Europe 2017

Thursday 28 September
The Waldorf Hilton, London

Sponsored Content

Investment Strategy

OTHER STORIES FROM LAST WORD...