Retail cluster includes Sanlam Personal Finance and Sanlam Developing Markets.

Sanlam Personal Finance is a major provider of a wide range of individual life insurance and personal financial services and solutions, including estate planning and trusts, home loans, personal loans, linked products, money transfer and financial services in South Africa, Namibia and the UK.

Sanlam Personal Finance group profile and shareholding structure:

South African operations	% Owned	Description
Sanlam Individual Life division	100%	Life insurance
Sanlam Home Loans	50%	Home loan joint venture with Absa
Sanlam Personal Loans	70%	Personal loans joint venture with Direct Axis
Glacier Financial Solutions (Pty) Ltd	100%	Linked product provider
Multi Data	100%	Electronic money transfer
Sanlam Trust	100%	Estate and trust services
Non-South African operations	% Owned	Description
Consolidated Financial Services (CFS)	55%	Financial services in Namibia
Sanlam Life Namibia	100%	Closed fund business in Namibia
Merchant Investors Assurance (MIA)	100%	Niche UK-based life insurance

Sanlam Developing Markets provides affordable financial services solutions primarily to the entry-level market in South Africa and to the wider financial services segments in other developing markets in which Sanlam operates (five other African countries as well as India).

Sanlam Developing Markets group profile and shareholding structure:

South African	% Owned	Description
Sanlam Group Solutions	100%	Distribution channel for African Life
Channel Life/Safrican	50%	Life insurance
Rest of Africa	% Owned	Description
Botswana Life	54%	Life insurance in Botswana
Pan Africa Kenya	50%	Life insurance in Kenya
ELAC Ghana	49%	Life insurance in Ghana
African Life Tanzania	65%	Life insurance in Tanzania
African Life Zambia	70%	Life insurance in Zambia
International	% Owned	Description
Shriram Life India	26%	Life insurance in India