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Johannesburg - Financial services group Sanlam [JSE: SLM] has partnered with Bermuda-based insurer Sompo Holdings Incorporated as part of the firm’s strategy to expand into Africa.
According to a statement issued by Sompo International, which is a speciality provider of property and casualty insurance and reinsurance, it has formed “alliances” with Sanlam and insurance company SAHAM Finances, mainly because of their reach in the continent.
“This partnership will give access to new markets by allowing Sompo to leverage the experience and existing footprint of Sanlam Limited and SAHAM Group’s insurance subsidiaries,” the statement read.
Sompo’s core market is in Japan and the partnership will be executed through Sompo Japan Nipponkoa Insurance Incorporated (SJNK).
This partnership will enable Sompo to support the African operations of its Japanese customers, and expand their product offering to local businesses.
Sanlam recently reported an 18% drop in headline earnings in its interim results report for the six-months ended June 2017.
Despite this, CEO Ian Kirk said the group was satisfied with the performance.
“We expect the economic and operating environment to remain challenging for various reasons across our footprint for the remainder of the year.
“However, we are confident that our staff and management will continue to diligently execute on the strategic priorities we have identified and we believe this will sustain our performance going forward,” he said in a statement of the group’s results published in September.
Financial director Heinie Werth previously told Fin24 that the business strategy remains focused on South Africa, then Africa and its operations in other parts of the world.
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