Key points:
- Paul Hanratty has extended his term as Sanlam’s CEO until Dec. 31, 2027.
- Sanlam reported an 18 percent growth in key earnings metrics and a 13.7-percent rise in profit for the fiscal year.
- Sanlam plans to acquire a controlling stake in India’s Shriram Group’s insurance business, expanding its global footprint.
Paul Hanratty, a top-performing South African-based business executive, has agreed to extend his term at Sanlam’s helm until Dec. 31, 2027, according to a statement released on Sens on Thursday. The insurance giant held its 26th annual general meeting (AGM) on Wednesday in Cape Town.
“Shareholders are advised that the special and ordinary resolutions proposed in the notice to shareholders dated 28 March 2024 were passed by the requisite majority of votes of shareholders in attendance or represented by proxy at the meeting,” Sanlam revealed.
Renowned as the group CEO of the South African insurance giant and financial services group, Sanlam Limited, Hanratty earned his bachelor’s degree in Actuarial Sciences from the University of Cape Town. Hanratty was appointed Sanlam’s group chief executive on July 1, 2020 and has been a member of the board of directors since 2017. He has been an independent non-executive director of MTN since 2016 and he is the non-executive chair of Intelligent Debt Management.
He is also one of the private sector CEOs assisting the government with tackling South Africa’s energy, transport, and logistics crises. Hanratty started his career in the insurance industry in 1984 and has worked in the financial services industry in South Africa and the United Kingdom, among other places.
Hanratty’s expertise has been instrumental in steering the group through challenges and achieving strong results financial performance in recent years. In March, Hanratty lauded the company’s robust delivery in the face of extraordinary challenges during the past fiscal year. He emphasized the importance of the 18-percent growth in key earnings metrics, net result from financial services, and cash net result from financial services. The company also recorded a notable 11.1-percent growth in dividends, reflecting a resilient response to adversities, including the pandemic, political unrest, and natural disasters.
The annual report revealed a 13.7-percent rise in profit, rising from R11.96 billion ($642.1 million) in 2022 to R13.6 billion ($730.1 million) in 2023. Sanlam’s retained earnings climbed from R68.44 billion ($4.6 billion) to R71.15 billion ($4.8 billion), while shareholders’ fund rose from R84.58 billion ($4.54 billion) to R88.53 billion ($4.75 billion).
In April 2024, billionaires.Africa reported that Sanlam, partially owned by South African billionaire Patrice Motsepe, announced plans to acquire a controlling stake in the Shriram Group’s insurance business in India, signaling a major move to bolster its footprint beyond the African continent. The transaction is scheduled to be finalized in the second quarter of this year and is subject to regulatory approvals. It will see Sanlam increasing its ownership in both Shriram General Insurance Co (SGIC) from 40 percent to 51 percent and in Shriram Life Insurance Co (SLIC) from 42 percent to 54 percent.
Founded in 1918, Sanlam is a leading player in the global insurance market, with a market capitalization of R143 billion ($7.6 billion) on the Johannesburg Stock Exchange. Africa’s first Black billionaire, Patrice Motsepe, holds a 7.8-percent stake in Sanlam through his investment vehicle, Ubuntu-Botho Investments, and serves as the deputy chairman.
Beyond the confines of Sanlam, he has provided leadership as an independent non-executive director of MTN Group since 2016. With his knowledge of the South African financial services sector, Hanratty has made his status as one of the top-performing executives on the continent. He also holds a 0.23-percent stake in Sanlam, gaining a huge returns since 2022.
Hanratty’s leadership and expertise continue to drive Sanlam’s global expansion and strategic growth. His extended tenure ensures stability and sustained progress for the company.
