South Africa's biggest insurer Sanlam working on $170M of acquisitions in the rest of Africa and other emerging markets

Johan van Zyl, CEO, Sanlam

South Africa‘s biggest insurer by value Sanlam Ltd (SLMJ.J) is working on acquisitions worth over 2 billion rand ($170 million) in the rest of Africa and other emerging markets, its chief executive said on Thursday.

These incremental acquisitions, which are in various stages of completion, would be funded from a 3.3 billion rand war chest set aside for expansion this year, Chief Executive Officer Johan van Zyl told the Reuters Africa Investment Summit.

“South Africa is fairly mature and very competitive and the real opportunity lies outside of our borders to the north,” van Zyl told the summit.

“Insurance penetration is quite low in Africa and the margins are fairly high because we don’t get the same kind of competition we get in South Africa.”

Read more: South Africa's Sanlam readying acquisitions worth around $170 million | Reuters.