- Sanlam Life Insurance completed its R6.5 billion 371.8 million acquisition of Assupol Holdings, bolstering its life insurance market share in South Africa.
- Assupol will be integrated into Sanlams Retail Mass business, strengthening its foothold in South Africas insurance market, particularly in the lower-income sector.
- This acquisition solidifies Sanlams leadership as Africas largest insurer and is part of its broader strategy to expand its influence across the continent.
Sanlam Life Insurance, a subsidiary of a subsidiary of Sanlam Limited, Africas top insurer partly owned by the continents first Black billionaire Patrice Motsepe, has completed its highly anticipated R6.5 billion 371.8 million acquisition of Assupol Holdings.
Sanlam's acquisition of Assupol bolsters its footprint in South Africa and Africa, cementing its position as a dominant insurance player. The deal aligns with the firm's strategy to expand in the life insurance market.
Strategic fit and market positionThe deal , first announced in Feb. 2024, received the final green light from the Competition Tribunal with employment-related conditions. This marks a pivotal moment in Sanlams strategy to integrate Assupol into its retail mass cluster, which includes Sanlam Sky, Safrican, and its joint venture with Capitec, targeting lower-income customers in South Africa.
With regulatory approvals finalized on Oct. 7, 2024, Sanlam is set to strengthen its market position in this key segment. The transaction also coincides with the planned exit of major Assupol shareholders, Bidvest 46.02 percent and the International Finance Corporation 19.41 percent, who supported the acquisition process, allowing Sanlam to take full control.
Leadership and market expansionSanlam Life, a unit of South Africa's Sanlam Ltd., offers life, non-life insurance, financial planning, retirement solutions, investment, and wealth management. The company operates in Africa, India, and Malaysia.
