Sanlam Insurance, one of the world’s most globally engaged insurance organizations, announced the opening of three new offices in Lome, Togo’s capital city, on Thurs., Feb. 10.
The insurance company stated that the move aligns with its ongoing goal to accelerate growth on the continent, as it enters core markets as part of its ambitious pan-African expansion drive.
Sanlam, Africa’s largest insurer, is minority-owned by South African billionaire Patrice Motsepe through his financial business Ubuntu-Botho Investments (UBI), which he created in 2004.
UBI owns a 15-percent stake in the insurance firm, totaling 311,776,417 ordinary shares worth R20.3 billion ($1.3 billion).
The insurance behemoth’s new branches in Lome are located in Kegue-Zogbedji, Agoe-Demakpoe, and Djidjole-Totsi, and will be run by Sanlam Togo, an operational subsidiary of South Africa-based Sanlam Insurance.
Sanlam Togo has the country’s largest network of offices. The firm recently changed its name from Saham Assurance Togo.
The company’s management said the new offices are part of the company’s “proximity policy,” which aims to make it easier for the public to acquire its goods and services (automobile, fire accidents, various other risks and transportation).
Experts assert that a further step in this direction will solidify Sanlam’s position as a market leader in the insurance business, enhancing development potential and deepening direct presence in Francophone West Africa.
The latest action comes nearly a month after the South Africa-based insurer said it had backed out of plans to grow its share in Saham Assurance Maroc, a Moroccan insurance business established by Moroccan billionaire Said Alj, after failing to satisfy key agreement requirements.
The firm stated that the R2-billion ($220.78 million) share-purchase agreement, which would have boosted its stake in Saham to 84.5 percent, had “lapsed” owing to failing to satisfy crucial terms. As a result, it will retain its 61.7-percent ownership of the property and liability insurer.
Sanlam shares were priced at R65.1 ($4.32) per share on the Johannesburg Stock Exchange this morning, 2.3-percent lower than its starting price on the exchange yesterday, Feb. 14. The group’s market capitalization is R145 billion ($9.6 billion) at the current price.
