Skip Ribbon Commands
Skip to main content

Skip Navigation Linkssanlam-emerging-markets Sanlam Emerging Markets

Skip Navigation LinksAbout

Sanlam Emerging Markets

Sanlam Emerging Markets (SEM) is responsible for Sanlam’s financial business services (life assurance, general insurance, banking, credit, health, bancassurance and asset management) in emerging markets outside South Africa.

The cluster aims to ensure sustainable delivery and growth across its various businesses and, as part of the Sanlam Group’s vision, strives to lead wealth creation in those markets.


Sanlam Emerging Markets has an extensive footprint across Africa through successful partnerships in various countries. This includes a 46,6% stake in Saham Finances, the insurance arm of the Saham Group. As the largest insurance group in Africa outside of South Africa, Saham Finances is the market leader in most of the 26 countries in which it operates.

Sanlam Emerging Markets’ financial business services include life assurance, general insurance, banking, credit, health, bancassurance and asset management, and it has businesses in Botswana, Namibia, Malawi, Kenya, Rwanda, Tanzania, Zambia, Ghana, Nigeria, Uganda and Mozambique.

Sanlam has a 60% stake in Botswana Insurance Holdings Ltd (BIHL) – the fourth largest listed company on the Botswana Stock Exchange. The BIHL group consists of Botswana Life Insurance Ltd (BLIL) and Botswana Insurance Fund Management (BIFM). A recent addition to the family is Botswana Insurance Holdings Ltd Insurance Company (BIHLIC), which oversees Legal Guard as part of the short-term offering.

Life Insurance: Botswana Life Insurance Ltd (BLIL)

Botswana Life is the oldest and largest life insurer in Botswana, accounting for more than 75% of the gross written premium. It is a 100% subsidiary of BIHL, and sells both retail and corporate products.

General Insurance: Botswana Insurance Holdings Ltd Insurance Company (BIHLIC)

Founded in 2004, Legal Guard provides the market-leading legal expenses insurance product in Botswana. Its offering includes civil and criminal matters, contracts, wills, roadside assistance, accidental death cover and medical cover.

Asset Management: Botswana Insurance Fund Management (BIFM)

BIFM was founded in 1975 as Botswana’s first fund manager. It provides services and products in terms of asset management, individual and active investments, property development, private equity and corporate advisory services.

Sanlam holds 59% in Sanlam Namibia Holdings (54% directly and 5% indirectly via Capricorn Investment Holdings), which offers life and investment products to individuals and groups. Investment management is offered through Sanlam Investments.

Life Insurance: Sanlam

Sanlam in Namibia’s product offering includes life insurance, retirement annuities, savings products, funeral products, education products, unit trusts and trust services. It is also about providing intelligent investment and risk products to Namibian group funds and schemes.

General Insurance: Santam Namibia

Established in 1990, Santam Namibia has 30% of market share and is now the top short-term insurance company in Namibia. Sanlam has a 37% stake in Santam Namibia, which offers products and services for personal, corporate, commercial and agricultural needs as well as specialised insurance for particular requirements.

Asset Management: Sanlam Investments

Being a leader in the Namibian investment environment, Sanlam further offers a wide range of customised investment solutions ranging from general to specialist products to wholesale and private retirement fund clients, index tracking, tax efficient structures, listed and unlisted property and infrastructure solutions, private equity and offshore solutions.

Sanlam owns 25% of NICO Holdings Ltd, a leading financial services organisation based in Malawi.

Life Insurance: NICO Life Insurance Company Ltd

Sanlam holds 62% of NICO Life (49% directly and 13% indirectly via NICO Holdings). NICO Life is a long-term savings, life insurance and wealth management company with offices in all the regions of Malawi. It now holds 49% of the life assurance market in Malawi and products offered include life, disability and pension.

General Insurance: NICO General Insurance Company Ltd

In partnership with Santam, Sanlam holds 62% of NICO General Insurance(49% directly and 13% indirectly via NICO Holdings). NICO General Insurance was formed as a short-term division of NICO Holdings. With 38% of the market, it is now the leading short-term insurer in Malawi.

Asset Management: NICO Asset Managers Ltd

Established in 2009, NICO Asset Managers is a specialist investment manager that provides a premier range of investment management services and products to institutional and individual investors.

Sanlam has a majority shareholding in Sanlam Kenya formally known as Pan Africa Insurance Holdings Limited (PAIHL), which owns Sanlam Life Insurance, Sanlam Investments and Sanlam General Insurance in Kenya.

Sanlam Life Insurance

Sanlam Life Insurance in Kenya has a solid capital base, drawing experience and technical expertise from its strategic partnership with the Sanlam Group. Its product offering includes individual life, funeral pre-plan and corporate products such as mortgages, credit assurance, life assurance, last expense, annuities and pensions.

Sanlam General Insurance

Sanlam General Insurance in Kenya has a varied product range, which targets both corporate, medium-sized enterprises as well as individuals. Commercial products include fire, group personal, liability, marine/transit, construction all risk, commercial motor and goods and money in transit.

Asset Management: Pan Africa Asset Management

Sanlam Investments in Kenya is the investment management wing that caters for a wide range of investment options that include balanced investment portfolios, specialist portfolios, equities, bonds, money market portfolios, pooled portfolios and international investments.

Sanlam has a majority shareholding in Soras Group Ltd, Rwanda’s largest life and non-life insurance company, which also focuses on property and consumer finance.

Life Insurance: Soras VIE Ltd

Soras VIE was the first life insurer in Rwanda and offers products that include accident, disability, life and pension.

General Insurance: Soras Insurance General

Soras Insurance General focuses on motor, health, property, marine, aviation and transit, liability, construction and engineering insurance.

The Sanlam Group holds a majority stake in Sanlam Life Insurancein Tanzania, and is also a stakeholder in Sanlam General Insurance in Tanzania.

Life Insurance: Sanlam Life Insurance

Previously known as African Life Assurance Tanzania until it rebranded to Sanlam on 12 August 2015, Sanlam Life Insurancein Tanzania is the leading life insurer in the country. The company has the widest range of life assurance products in the Tanzanian life market and provides insurable and poolable benefit products such as accident, disability, life, critical illness and group endowment.

General Insurance: Sanlam General Insurance

Known as NIKO Insurance Company Tanzania Ltd until it rebranded on 12 August 2015, Sanlam General Insurance in Tanzania offers a full menu of general insurance products for both personal and corporate clients. Its product offering includes business and personal products, such as motor, fire, marine and engineering.

Sanlam holds a majority stake in Sanlam Life Insurance Zambia, the leading life insurer in Zambia. It also owns a majority stake in NICO Insurance Company Zambia.

Sanlam Life Insurance Zambia:

Formerly known as African Life Insurance Zambia until it rebranded in May 2016, Sanlam Life Insurance Zambia is the leading net-premium insurance underwriter in Zambia and focuses on individual life, corporate life, bancassurance, medical insurance and annuities.

General Insurance: NICO Insurance Company Zambia Ltd

NICO Zambia offers a full menu of general insurance products for both personal and corporate clients. Its personal products include household contents, motor vehicles, all risk, watercraft and personal liability. Corporate products offered by the company are motor vehicles, all risk, engineering, project, fire, goods in transit, marine and office combined insurance.

Asset Management: African Life Financial Services Zambia Ltd (ALFS)

ALFS started operating in Zambia in 1992 and is the leading provider of private sector pension fund administration and fund management services.

In 2000, Sanlam entered Ghana in partnership with Enterprise Group when it established Enterprise Life. Sanlam also has a stake in Enterprise Insurance and Enterprise Trustees.

Life Insurance: Enterprise Life

Enterprise Life is the second largest life insurance company in Ghana. The company has representation in all 10 regions in the country, and its strategy is to distribute insurance through a diversified distribution channel comprising agency, broker, bank and telecom channels.

General Insurance: Enterprise Insurance Ltd

With 11% of the market, Enterprise Insurance Ltd is the oldest insurance company in Ghana – it was established in 1924. The company specialises in fire, marine, motor vehicle, construction and engineering and general accident insurance.

Other: Enterprise Trustees

Enterprise Trustees Ltd in Ghana was incorporated in 2010 as a joint partnership between the Enterprise Group and Sanlam. Established to provide corporate trustee and administration services, it provides administration services for more than 20 employer-sponsored schemes.

Sanlam wholly owns Sanlam Life Insurance in Uganda and has a majority shareholding via NICO Holdings in Sanlam General Insurance in Uganda.

Life Insurance: Sanlam Life Insurance

The company started its business operations in June 2010 and provides individual and group life products, and medical insurance. Sanlam Life Insurance was the first insurer in the country to introduce a combined staff package, bringing together group life assurance and group personal accident cover.

General Insurance: Sanlam General Insurance

Previouly known as NIKO Uganda, Sanlam General Insurance offers a broad range of general insurance products for both personal and corporate clients. Its personal product offering covers home, health, life, motor vehicle, travel, all risk, and golf insurance. Its corporate products include fire and burglary, fidelity guarantee, life insurance, agri- business, industrial all risk, business interruption, marine/goods in transit, motor vehicle, group personal accident and workers’ compensation.

Sanlam entered Nigeria in a joint venture with First Bank Nigeria to establish FBNInsurance, which provides a wide range of life and investment products, and offers general insurance products through Oasis Insurance.

Life Insurance: FBNInsurance

FBNInsurance is jointly owned by First Bank of Nigeria (FNB) Holdings (65%) and Sanlam (35%). The company offers individual life products such as extended family support, flexible cash flow, education, income protection and a flexible savings plan. It also provides group policies: key man assurance, mortgage protection plan, term assurance and group life assurance.

General Insurance: FBNInsurance

Oasis Insurance is wholly owned by FBNInsurance. It offers a wide range of general insurance products for corporates and individuals: Accident policies, motor, burglary, fire, workmen compensation, goods in transit, liability, engineering and marine.

In December 2014, Sanlam acquired a controlling stake in NICO Mozambique Vida. On 27 August 2015, NICO Mozambique Vida rebranded to Sanlam, with its focus remaining on selling individual life products and providing pension fund management.

Life Insurance

The company started its operations as NICO Mozambique Vida in June 2012 and as the first company to specialise in life insurance in Mozambique. Today the company operates under its new name and brand, Sanlam, and offers both individual and group life insurance (including personal accident and savings products) as well as pension fund administration. Its major distribution channels are brokers, banks, tied agents and direct.

In 2015 Sanlam entered the Zimbabwean market by acquiring a 40% stake in Masawara Plc. Through this transaction Sanlam gained an indirect investment in Zimnat Life, Zimnat Lion, Zimnat Financial Services, Zimnat Asset Management and Sovereign Health Company.

Life Insurance: Zimnat Life

Zimnat Life Assurance Company Limited, also known as Zimnat Life has been in operation for over 50 years and offers various individual and corporate products.

General Insurance: Zimnat Lion

Established in 1946, the company has been in operation for over 60 years. Zimnat Lion is dedicated to providing complete risk management solutions to meet its customers’ needs. It offers short-term insurance products and services for individuals as well as corporates.

Asia Pacific

Through its partnerships with the Shriram Group (India), MCIS Insurance Berhad as well as Pacific & Orient Insurance, Sanlam Emerging Markets has a firm presence in India and Malaysia.

Sanlam has a share in leading Indian financial services group Shriram Capital Ltd (SCL). SCL is the holding company of the financial services and insurance interests of the Shriram Group. Sanlam has been in partnership with the Shriram Group in respect of life insurance (Shriram Life) since 2005 and short-term insurance (Shriram General Insurance) since 2008.

Life Insurance: Shriram Life Insurance Company (SLIC)

Shriram Life Insurance Company, a joint venture with Sanlam, was launched in India in February 2006. Sanlam has a stake in Shriram Life through Shriram Capital Ltd. Products offered include money-back term plans, traditional endowment plans, regular and single premiums, and group insurance and micro insurance plans.

General Insurance: Shriram General Insurance (SGI)

Sanlam has a stake in Shriram General Insurance through Shriram Capital Ltd. Shriram General Insurance provides insurance cover for motor vehicles, fire, engineering, casualty and the marine industry.

Credit: Shriram Transport Finance Company (STFC)

Sanlam has a stake in Shriram Transport Finance Company, which is a leading listed commercial vehicle financing business and was launched approximately 30 years ago.

Credit: Shriram City Union Finance (SCUF)

Sanlam has a shareholding in Shriram City Union Finance through Shriram Capital Ltd. As a deposit-accepting non-banking organisation, Shriram City is India’s premier financial services company, specialising in retail finance. The company has a comprehensive range of offerings for both new and used passenger and commercial vehicles, personal loans, small business loans and loans against gold.

Sanlam entered the Malaysian market in 2013 when it acquired a 49% stake in the general insurer, Pacific and Orient Insurance Company Berhad. At the end of June 2014, Sanlam entered the country’s life insurance sector by acquiring a 51% interest in MCIS Insurance Berhad.

Life Insurance: MCIS Insurance Berhad

MCIS Insurance Berhad is a leading Malaysian life insurer. The strength of MCIS lies in its tied agency force distribution method. The company has recently been diversifying its sales channels by establishing strategic relationships with selected financial advisers and brokers. Its product offering includes accident, life and medical.

General Insurance: Pacific & Orient Insurance Co Berhad (POI)

Pacific and Orient Insurance Company focuses predominantly on motorcycle insurance and it has a significant market share in this segment, making it the largest motorcycle insurer in Malaysia. It also offers property and casualty insurance.

Sanlam Life Insurance is a licensed financial service provider.
Copyright © Sanlam