Sanlam Ltd., Africa’s biggest insurer, is banking on India to boost profit in the short term and tide over tepid economic growth at home in South Africa.
The Cape Town-based firm has the potential to triple the proportion of profit it derives from India within a decade, Chief Executive Officer Paul Hanratty said. Sanlam has partnered with the Shriram Capital Group in the South Asian nation since 2005 and that country now makes up about 10% of profit.
“If you ask where our real short-term upside is, it’s India,” Hanratty, 62, said in an interview. “We’ve got a great business with them, growing tremendously. That is our fast-growth outlet.”
https://www.business-standard.com/finance/investment/africa-s-biggest-insurer-sanlam-banks-on-india-as-its-home-market-reels-124011700504_1.html
Africa’s biggest insurer Sanlam banks on India as its home market reels
