Sanlam

The Suid-Afrikaanse Nasionale Trust en Assuransie Maatskappy Beperk (South African National Trust and Assurance Company Limited), Santam, was registered on 28 March 1918. It was then decided to convert the life assurance department into a separate company, and the Suid-Afrikaanse Nasionale Lewens Assuransie Maatskappy Beperk (South African National Life Assurance Company Limited), Sanlam, was registered on 8 June 1918. Sanlam, the subsidiary, later became the spearhead of the operation, while Santam remained focused on short-term insurance.

In 1998 Sanlam demutualised, listing on the Johannesburg Stock Exchange (JSE) Ltd and the Namibian Stock Exchange. This changed Sanlam from a mutual entity into a public company with a share capital, namely Sanlam Life Insurance Ltd. At the same time a separate company, Sanlam Ltd, was installed as the parent company of the Sanlam group of businesses. The group was also restructured into several independent businesses within a federal business structure.

The group has consistently grown its local as well as an international footprint – it now has a presence in 33 African countries{{Cite web|url=https://www.iol.co.za/business-report/companies/sanlam-digging-deeper-to-extract-value-from-emerging-markets-29788104|title=Sanlam digging deeper to extract value from emerging markets {{!}} IOL Business Report|website=www.iol.co.za|language=en|access-date=2019-08-19}} also India, Malaysia, the UK and Ireland, the USA, Australia and the Philippines.

In 2018, Sanlam concluded its $1.1 billion acquisition of SAHAM Finances.{{Cite web|url=https://africa.businesschief.com/finance/4121/Sanlam-to-acquire-Saham-Finances-for-11bn|title=Sanlam to acquire Saham Finances for $1.1bn|website=africa.businesschief.com|access-date=2019-08-19}} Additionally, the group announced details of its R11 billion BEE deal, which will see it increasing its direct black shareholding to 18% and black economic ownership to 35%.{{Cite news|date=2018-10-11|title=Biggest African Insurer Seals Largest Deal Yet in Growth Drive|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2018-10-11/biggest-african-insurer-seals-largest-deal-yet-in-growth-drive|access-date=2020-09-07}}

In December 2021, The Sanlam Group entered into discussions with Allianz for the acquisition of the entire group in Africa except South Africa. Discussions are conducted between the group's headquarters in Bellville and Munich.{{Cite news|date=2021-12-22|title=Sanlam sur le point d'acquérir toutes les filiales d'Allianz en Afrique (Exclusif)|language=fr|work=Financial Afrik|url=https://www.financialafrik.com/2021/12/22/sanlam-sur-le-point-dacquerir-toutes-les-filiales-dallianz-en-afrique-exclusif/|access-date=2021-12-22}}

In February 2023, South African wills and estates administrator Capital Legacy and Sanlam announced that they would joining forces by creating a wills, estates and trusts business together. The transaction, which is subject to regulatory approval, will see Sanlam Life Insurance Limited (Sanlam Life) sell its trust business, Sanlam Trust, to Capital Legacy and Sanlam Life acquiring a 26% interest in the enlarged Capital Legacy Group that includes the Sanlam Trust business following completion of the transaction. The merged entity will be managed by Capital Legacy.{{Cite web |date=6 February 2023 |title=Sanlam sells trust business to Capital Legacy |url=https://www.b2bcentral.co.za/sanlam-sells-trust-business-to-capital-legacy/ |access-date=6 February 2023 |website=B2BCentral}}{{Cite web |date=3 February 2023 |title=Sanlam buys Capital Legacy stake, takes out Brightrock minorities |url=https://www.cnbcafrica.com/media/6319711697112/ |access-date=3 February 2023 |website=CNBC Africa}}

Sanlam has since 1993 contributed to broad-based black economic empowerment (B-BBEE) through the group’s partnership with Ubuntu-Botho Investments.{{Cite web|title = Ubuntu-Botho/Sanlam BEE deal|url = http://www.financialmail.co.za/coverstory/2014/03/20/ubuntu-bothosanlam-bee-deal|website = Financial Mail|access-date = 2015-10-19}}

The Ubuntu-Botho B-BBEE partnership resulted in a broad-based black empowerment consortium buying a 10% shareholding in Sanlam{{Cite news|title = BRIEF-Santam sells 76 pct of Indwe to UBI and Sanlam|url = https://www.reuters.com/article/2015/09/30/idUSFWN11Z05620150930|newspaper = Reuters|date = 30 September 2015|access-date = 2015-10-30}}{{dead link|date=July 2021|bot=medic}}{{cbignore|bot=medic}} in what was to become one of the most far-reaching black empowerment transactions in South Africa to date.

In December 2013, the initial 10-year contractual period of the transaction with Ubuntu-Botho{{Cite web|url=http://www.fin24.com/Companies/Financial-Services/Sanlam-BEE-deal-delivers-R15bn-in-value-20140323|title=Sanlam BEE deal delivers R15bn in value|date=2014-03-23|website=Fin24|access-date=2019-08-19}} ended, with a final total of 66.5 million deferred shares qualifying for conversion to ordinary shares. The deal created value of about R15 billion, making it arguably one of the most successful transactions of its kind in South African history.{{Cite web |title=Sanlam reports another set of solid financial results – FAnews |url=https://www.fanews.co.za/article/company-news-results/1/sanlam/1055/sanlam-reports-another-set-of-solid-financial-results/15524}} In 2014, an agreement was reached to extend the partnership with Ubuntu-Botho into the future.{{Cite news|date=2015-03-06|title=Sanlam Extends Deal With Billionaire Motsepe for Another Decade|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2015-03-06/sanlam-extends-deal-with-billionaire-motsepe-for-another-decade|access-date=2020-09-07}}

In 2018, Sanlam announced details of BEE transactions, which will increase its direct black shareholding to 18% and black economic ownership to 35%. The Group will sell 5% of its issued shares to new and existing B-BBEE shareholders, creating a master trust that caters to 80% of the intended beneficiaries, with Ubuntu-Botho benefitting from the other 20%.{{Cite web|url=https://www.businesslive.co.za/bd/companies/financial-services/2018-10-31-sanlam-unveils-new-multi-billion-bee-deal/|title=Sanlam unveils new multi-billion BEE deal|website=BusinessLIVE|language=en-ZA|access-date=2019-08-19}}

The corporate office of the Sanlam Group is responsible for centralised functions that include strategic direction, group financial and risk management, group marketing and communications, group human resources and information technology, group sustainability management, corporate social investment and general group services.{{Citation needed|date=October 2024}}

In addition, the Sanlam group operations are managed through five operating clusters:

• Sanlam Personal Finance
• Sanlam Emerging Markets
• Sanlam Investments
• Sanlam Corporate
• Santam

The largest business in the Sanlam Group of companies, with 11,406 employees and assets worth R 472,328 million under management.

• Sanlam Sky Solutions: Financial services for individuals and groups in the entry-level market
• Sanlam Individual Life: Financial services to the middle-income, professional and business-owner markets
• Glacier: Financial services for the affluent market

Strategic business development consists of the following diversified financial services: Sanlam Trust (estate and trust services), Multi-Data (electronic money-transfer activities), Sanlam Healthcare Management (medical scheme administration services), Sanlam Personal Loans (70%) (personal loans joint venture), Reality (loyalty programme) and Anglo African Finance (55%) (trade and bridging finance).{{Citation needed|date=October 2024}}

The Sanlam Emerging Markets cluster is responsible for Sanlam’s financial business services (life insurance, general insurance, banking, retail credit, health, bancassurance, asset management and specialist general insurance products) in emerging markets outside South Africa:

• Botswana Life, Botswana – 60% via Botswana Insurance Holdings Limited{{Cite web|title = BIHL goes on a shopping spree {{!}} Botswana Gazette|url = http://www.gazettebw.com/?p=12838|website = www.gazettebw.com|access-date = 2015-10-30}} (BIHL)
• Sanlam Life, Namibia – 100%
• Sanlam Namibia Holdings, Namibia – 59%
• NICO Life, Malawi – 62%
• Sanlam Life Insurance, Kenya – 57% via Sanlam Kenya plc
• Sanlam Life Insurance, Tanzania – 64%
• Sanlam Life Insurance, Zambia – 70%
• Sanlam Life Insurance, Uganda – 100%
• Sanlam Life Insurance, Nigeria – 100%
• Sanlam General Insurance, Nigeria – 100%
• Shriram Life Insurance, India – 42% via Shriram Capital
• Soras Vie, Rwanda – 100%
• MCIS Life Insurance, Malaysia – 51%
• Sanlam Life Insurance, Mozambique – 51%{{Citation needed|date=October 2024}}
• Zimnat Life Assurance, Zimbabwe – 40%{{Citation needed|date=October 2024}}

Credit and banking:

• Letshego, operating in a number of African countries – 14% via BIHL{{Citation needed|date=October 2024}}
• NBS Bank, Malawi – 13% via NICO Holdings
• Shriram Transport Finance Company, India 10% (3% direct and 7% via Shriram Capital)
• Shriram City Union Finance – 9% via Shriram Capital

Investment management:

• Sanlam Investments, East Africa, Kenya & Uganda – 56%
• Sanlam Investments, Namibia – 86%
• Botswana Insurance Fund Management – 60% via BIHL

General insurance: Jointly responsible in partnership with Santam for managing general insurance business through:

• NICO Malawi – 62% (direct 49% and 13% indirect via NICO Holdings)
• Sanlam General Insurance Tanzania{{Cite web|title = Sanlam to unlock insurance potential|url = http://www.dailynews.co.tz/index.php/business/44279-sanlam-to-unlock-insurance-potential|website = www.dailynews.co.tz|access-date = 2015-11-18}} – 52% (direct 47% and 5% indirect via NICO Holdings)
• Sanlam General Insurance Uganda – 84%(direct 79%and 5% indirect via NICO Holdings)
• NICO Zambia – 62% (direct 49% and 13% indirect via NICO Holdings)
• Shriram General Insurance, India – 43% via Shriram Capital
• Pacific & Orient, Malaysia – 49%
• Legal Guard, Botswana – 60% via BIHL
• Soras AG, Rwanda – 100%
• Santam Namibia – 37%
• Sanlam General Insurance, Kenya – 39%
• FBN Insurance, Nigeria – 35%
• Zimnat Lion Insurance, Zimbabwe – 40%
• Afrocentic Group

• Sanlam Investment Management (SIM) – manages institutional portfolios and retail collective investment (unit trust) funds
• Sanlam Structured Solutions – structured products

• Sanlam Multi Manager International (SMMI) – investment management advisory business

• Blue Ink – hedge fund manager focusing on both the local and global investment markets
• Sanlam Alternative Investments – focuses on the compounding of positive investment returns coupled with downside protection strategies to generate wealth for retail and institutional clients
• Sanlam Africa Investments – with a presence in 13 African countries, Sanlam Africa Investments enables investors to capitalise on African growth opportunities by successfully sourcing and managing investments across a range of asset classes

• Satrix{{Cite web|title = How to start investing in Satrix|url = http://www.fin24.com/Money/Money-Clinic/Investments/How-to-start-investing-in-Satrix-20130723|website = Fin24|access-date = 2015-10-30}} – offers investors easy, cost effective access to the markets through a wide range of passively managed investment products

• Capital management – manages portions of Sanlam's third-party and policyholders' funds
• Sanlam Capital Markets (SCM)
• Sanlam Private Equity (SPE)

• Sanlam Employee Benefits – Provides risk and investment administration services to institutions and retirement funds
• Sanlam Group Risk (SGR)
• Sanlam Employee Benefits Investments (SEB Investments)
• Sanlam Umbrella Solutions (SUS)
• Sanlam Retirement Fund Administration (RFA)
• Simeka Consultants and Actuaries

• Sanlam Private Wealth (SPW) – Private client wealth management and stockbroking
• Calibre Investments – 50.1% – Australian investment management
• Sanlam Private Investments UK – 97% – UK private wealth management and stockbroking
• Summit Trust – 65% – International independent trust services group in Switzerland
• Investment Advisory Services and Fiduciary and Tax services

• Sanlam International Investment Partners – manages established partnerships with specialist investment management firms abroad
• SIM Global – manages long-only specialist international equity funds
• Sanlam Asset Management Ireland (SAMI) – Sanlam's international investment management platform in Dublin managing funds domiciled in Ireland
• Sanlam UK – wealth management player in retail financial services in the United Kingdom, comprising Sanlam Investments and Pensions, Sanlam Distribution, Sanlam Private Wealth and Investment Management
• P2 International – International Mutual Fund Administration Investment services
• Sanlam Collective Investments – retail, multi-managed, institutional and third-party collective investment (unit trust) funds

Sanlam has an effective 60% interest in Santam, which in turn operates through the following businesses:

• Santam Insurance – traditional and specialist lines intermediated business
• MiWay{{Cite web|title = Santam buys the rest of MiWay|url = http://www.moneyweb.co.za/archive/santam-buys-the-rest-of-miway/|website = Moneyweb| date=8 December 2010 |access-date = 2015-10-30}} and Centriq{{Cite web|title = Professionals: Short-term » Press Room > Santam acquires 100% shareholding in Centriq|url = http://www.insurancegateway.co.za/print//ShorttermProfessionals/PressRoom/ViewPress/Irn%3D2732%26URL%3DSantam+acquires+100+shareholding+in+Centriq#.VjNC8rcrLIU|website = www.insurancegateway.co.za|access-date = 2015-10-30|archive-date = 4 March 2016|archive-url = https://web.archive.org/web/20160304032822/http://www.insurancegateway.co.za/print//ShorttermProfessionals/PressRoom/ViewPress/Irn%3D2732%26URL%3DSantam+acquires+100+shareholding+in+Centriq#.VjNC8rcrLIU|url-status = dead}}– short-term insurance to clients through a direct distribution channel
• Santam Re – reinsurance in emerging markets

• Paul Hanratty, group chief executive officer{{Cite web |title=Board Members |url=http://www.sanlam.com:80/investorrelations/governance/boardmembers |access-date=2021-04-21 |website=www.sanlam.com |language=en-ZA}}
• Anton Gildenhuys, chief executive officer: SA Retail Affluent.
• Tavaziva Madzinga, chief executive officer: Santam Limited.
• Bongani Madikiza, chief executive officer: SA Retail Mass.
• Sydney Mbhele, group executive: Sanlam Brand.
• Jeanett Modise, chief executive: human resources.
• Kanyisa Mkhize, chief executive officer: Sanlam corporate.
• Wikus Olivier, group executive: strategy.
• Robert Roux, chief executive officer: Sanlam Investment Group.
• Karl Socikwa, group executive: market development.
• Jurie Strydom, chief executive officer: life and savings.
• Heinie Werth, chief executive officer: Sanlam emerging markets, executive director.
• Mlondolozi Mahlangeni, chief risk officer, chief actuary.
• Abigail Mukhuba, financial director.
• Faith Jones, financial assistant.

Sanlam reported a 22% growth in new business volumes to R100 billion in the six months to June 2015,{{Cite web |title=2015 Interim Results |url=https://www.sanlam.com/investorrelations/financialresults/Documents/Sanlam%20Interim%20Results_2015%202%20September%202015.pdf |access-date=2015-10-15 |website=www.sanlam.co.za}} compared to the same period in 2014. The net result from financial services climbed by 5% in the first half of 2014, and by 11% when certain one-time factors are excluded. The annualized RoGEV per share of 13% exceeded the aim of 12.1%. The group's principal performance target for measuring shareholder value creation is RoGEV.

Ian Kirk was appointed as group chief executive{{Cite web|title = Sanlam names insider Ian Kirk as CEO|url = http://www.bdlive.co.za/business/financial/2015/06/04/sanlam-names-insider-ian-kirk-as-ceo|website = Business Day Live|access-date = 2015-10-15}} and executive director of Sanlam Limited and Sanlam Life Insurance Limited from 1 July 2015. This follows the retirement of former Group Chief Executive Dr Johan van Zyl from this position, as well as from the boards of Sanlam Limited{{Cite web|title = SLM:Johannesburg Stock Quote – Sanlam Ltd|url = https://www.bloomberg.com/quote/SLM:SJ|website = Bloomberg.com|access-date = 2015-10-27}} and Sanlam Life Insurance Ltd.

In November 2015 Sanlam announced that the group had agreed to buy a 30 percent stake in Morocco-based Saham Finances, which operates in 26 countries predominantly across Africa with a presence in the Middle East. The US$375 million deal will significantly expand the group's African footprint.{{Cite web|title = Sanlam Group's Africa expansion {{!}} eNCA|url = https://www.enca.com/money/sanlam-groups-africa-expansion|website = www.enca.com|access-date = 2016-02-16|last = eNCA}}

Former CEO, Dr Johan van Zyl, joined the Sanlam Limited and Sanlam Life Insurance Limited Boards as a non-executive director and representative of Ubuntu-Botho Investment Holdings, Sanlam's black economic empowerment partner as of 18 January 2016.{{Cite web|title = Sanlam appoints Munich Re exec to head up new unit|url = http://www.moneyweb.co.za/news/companies-and-deals/sanlam-appoints-munich-re-exec-to-head-up-new-unit/|website = Moneyweb| date=18 January 2016 |access-date = 2016-02-16|language = en-US}}

A new business cluster known as Sanlam Corporate was created early in 2016. The unit will be headed by the former CEO of Munich Re sub-Saharan Africa, Junior John Ngulube and will offer corporate clients life insurance, general insurance, investments, health insurance, retirement, financial planning and advice.{{Cite web|title = Cluster deepens black leadership on Sanlam executive|url = http://www.bdlive.co.za/business/financial/2016/01/19/cluster-deepens-black-leadership-on-sanlam-executive|website = Business Day Live|access-date = 2016-02-16}}

In February 2023, Capital Legacy and Sanlam announced that they would be joining forces by creating an even more compelling wills, estates and trusts business together.{{Cite news |last=Theunissen |first=Garth |date=2023-02-03 |title=Sanlam punts 'Tetris-like' fit with beefed up Capital Legacy interest |work=Business Day |url=https://www.businesslive.co.za/bd/companies/financial-services/2023-02-03-sanlam-punts-tetris-like-fit-with-beefed-up-capital-legacy-interest/ |access-date=2023-02-03}}{{Cite web |date=6 February 2023 |title=Strategic transaction between Capital Legacy and Sanlam Limited announced |url=https://www.bizcommunity.com/Article/196/738/235696.html |access-date=6 February 2023 |website=Bizcommunity}}{{Cite news |last=Buthelezi |first=Londiwe |date=3 February 2023 |title=Sanlam buys out BrightRock, acquires a stake in Capital Legacy in another giant acquisition move |work=News24 |url=https://www.news24.com/fin24/companies/sanlam-buys-out-brightrock-capital-legacy-in-another-giant-acquisition-move-20230203 |access-date=3 February 2023}}

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