Home » South Africa’s top insurer increases stake in Morocco’s SAHAM Assurance Maroc

South Africa’s top insurer increases stake in Morocco’s SAHAM Assurance Maroc

by Editorial Team

South Africa’s largest insurer has announced a move to acquire an additional 22.8-percent stake in SAHAM Assurance Maroc, a Moroccan insurance company.

Reuters reported that the Sanlam Insurance Company’s acquisition will run R1.98 billion ($137.09 million), taking its direct and indirect stake in SAHAM to 84.5 percent. The investment will make the South African giant the controlling stakeholder in the Moroccan company.

Chaired by economist and multiple C-suite-executive Elias Masilela, Sanlam is a diversified financial services group that operates across the African continent, India, Malaysia and select developed markets. The company is listed on the Johannesburg Stock Exchange (JSE), A2X and the Namibian Stock Exchange.

Based in Bellville in South Africa’s Western Cape, the 103-year-old company has a footprint in 44 countries internationally, directly and indirectly. It has a direct presence in 33 countries in Africa through 65 subsidiaries.

Masilela was appointed as the company’s independent non-executive director in 2019. In addition to his position in Sanlam, Masilele sits on the board of directors of numerous multinational companies and South African government institutions. 

He currently serves as the executive chair of DNA Economics, is the commissioner of South Africa’s first and second National Planning Commission and chair of Capital Harvest and the National Task Force on Impact Investing.

His other board positions include the MultiChoice Group, MultiChoice SA, Alternative Prosperity Holdings, Future Planet Capital in London, Strate and CA Sales. As a non-executive director with Multichoice Group, he earned R8.5 million ($589,483) for 2018 in March 2019, down from R9.3 million ($644,964) the previous financial year. Business Tech reported that Multichoice paid out its 10 directors R55 million ($3. 81 million) before listing on the JSE on Feb 27, 2019.

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