The cluster within the financial services group Sanlam Group, SEM has been assigned to expand into international emerging markets.
Sanlam Emerging Markets CEO Heinie Werth said that SEM already holds a 49% in NICO Life insurance in Malawi and the current discussions form part of SEM’s strategy to deepen relations with existing partners in its pursuit of appropriate opportunities in emerging markets.
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"The life operations in which we became involved during 2011 have done well despite difficult trading conditions in Malawi in recent years," Werth commented.
SEM, which posted impressive growth of 83% in gross result from financial services for the half year to 30 June 2013, currently managing business in India, Malaysia and 10 countries in Africa.
Sanlam Group said that Africa remains a key investment destination and it would inform the market in due course regarding the outcome of the discussion with Nico Holdings.
