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Sanlam, Africa’s biggest insurer, is looking to India to boost profit in the short term amidst tepid economic growth at home in South Africa, reports Bloomberg.
The Cape Town-based firm has the potential to triple the proportion of profit it derives from India within a decade, Sanlam CEO Paul Hanratty said in an interview with Bloomberg.
“If you ask where our real short-term upside is, it’s India,” Mr Hanratty said, adding, “We’ve got a great business with them, growing tremendously. That is our fast-growth outlet.”
Sanlam has partnered with the Shriram Capital Group in India since 2005. The Indian market now contributes about 10% of Sanlam’s profits. The partnership with Shriram operates a listed financing business and two insurance companies.
