Sanlam to spend $197 mn on Africa, India expansion

JOHANNESBURG: Sanlam Ltd, the largest insurer in South Africa, will spend as much as 1.5 billion rand ($197 million) on expanding its business across Africa and India, chief executive officer Johan Van Zyl said.

Shareholders may also benefit if Sanlam finds a foreign partner, Van Zyl said in an interview at the Fortune Global Forum in Cape Town today.

Large European insurers don't "see growth" in their own markets, he said, declining to name the companies that Sanlam held talks with.