South Africa’s biggest insurer posts record profit

Sanlam, Africa’s biggest insurer, posted record profit in the first half, paced by a recovery in its business on the continent and surging growth in India.

Profit climbed 7% to R11.6 billion in the six months through June, it said in a statement on Thursday. The insurer’s net revenue from financial services climbed 14% to R8.1 billion. 

Sanlam, which operates in 31 countries, has announced plans to enter into a joint venture with billionaire Patrice Motsepe-backed digital lender Tyme Bank, as it seeks to grow its personal-loans business in its home market of South Africa. 

The insurer has raised its stake in Shriram Wealth in India, as Sanlam seeks a foothold in India’s burgeoning asset- and wealth-management industry.

The deal, announced last year, lifts Sanlam’s economic shareholding in the entity to 49.7%, from 26%. The insurer has run a life- and general-insurance business with Shriram Capital since 2005.