Sanlam’s Bold Transformation: How South Africa’s Biggest Insurer Is Reshaping Its Future

Sanlam, South Africa’s largest insurer and one of the country’s most trusted financial names, is in the middle of a dramatic reinvention. From Johannesburg to Mumbai to London, the group is reshaping its operations with a flurry of deals that show just how fast the insurance and financial services industry is evolving.

A Flurry of Big Moves

In the first half of 2025 alone, Sanlam made headlines with bold strategic shifts. Among them:

• Selling 60% of NMS Insurance Limited for R925 million, just months after acquiring it from MultiChoice.

• Handing part of its SanlamAllianz joint venture to international giant Allianz, leaving Sanlam with 51% and Allianz with 49%.

• Expanding in India by boosting its stake in Shriram Wealth to nearly 50% and increasing its footprint in Shriram Asset Management.

• Transferring parts of its asset management business to Ninety One, South Africa’s largest asset manager.

And that’s not all. Santam, Sanlam’s short-term insurance arm, just got the green light from Lloyd’s of London to launch a syndicate that will give it access to the UK’s lucrative reinsurance market.

Closer to home, Sanlam also struck a deal with TymeBank to create a joint venture for unsecured personal loans a move expected to shake up South Africa’s highly competitive retail banking space.

The Assupol Integration

Back in South Africa, Sanlam is still busy digesting its R6.5 billion acquisition of life insurer Assupol. Early signs are promising: agent productivity is on the rise, new business volumes are improving, and cost savings are starting to show. For customers, this could mean better access to insurance products and stronger advisor networks.

Counting the Numbers

On paper, Sanlam’s interim results show a company under pressure but also full of promise. The group’s net result from financial services climbed 14% to R8.1 billion, driven by solid performances in life and general insurance.

Yet not everything was rosy. Headline earnings per share dipped by 2%, and some one-off gains from 2024 were missing this time around. Still, net business volumes rose by 7% to R218 billion, while client cash flows more than doubled, boosted by strong inflows into South African investment platforms.

Why This Matters

Sanlam’s transformation is about more than balance sheets. It reflects the way South Africa’s financial sector is being reshaped by globalisation, digital banking, and shifting consumer expectations.

The TymeBank deal speaks to a younger, digital-first generation looking for quick and affordable credit. The expansion in India taps into one of the fastest-growing insurance markets in the world. And the Lloyd’s approval positions Santam as a global player, not just a local champion.

The Road Ahead

With R9.2 billion in discretionary capital and major deals still awaiting regulatory approval, Sanlam’s reinvention is far from over. What’s clear is that the group is determined to remain a heavyweight, not just in South Africa but on the world stage.

For local policyholders and investors, the question is whether this bold transformation will deliver more stability, more growth and ultimately, more value.

Source: Business Tech 

Follow Joburg ETC on Facebook, Twitter , TikTok and Instagram

For more News in Johannesburg, visit joburgetc.com