Sanlam Ltd. | Introduction
Introduction
2 Strand Road
Bellville, Western Cape 7532
South Africa
Telephone: (+27) 21-947-9111
Fax: (+27) 21-947-3670
Web site: http://www.sanlam.co.za
Public Company
Incorporated: 1918
Employees: 10,700
Total Assets: ZAR 10 billion ($1.5 billion) (2003)
Stock Exchanges: Johannesburg
Ticker Symbol: SANLAM
NAIC: 523120 Securities Brokerage; 524113 Direct Life Insurance Carriers; 524114 Direct Health and Medical Insurance Carriers; 524126 Direct Property and Casualty Insurance Carriers;
Sanlam Ltd. is South Africa's second-largest life insurance and financial services group, behind Old Mutual. Sanlam is organized into four primary business clusters: Life Insurance is the group's largest component, with a full range of life insurance, pension plans, and savings and investment products through subsidiaries that include Sanlam Personal Finance. Short-term Insurance is conducted largely through the company's 53 percent stake in Santam, South Africa's leading short-term insurer with operations in the corporate, commercial, and personal sectors. The Investment cluster groups Santam's asset management, stockbroking, and related operations, including the company's Gensec subsidiary and stockbroker Hichens, Harrison & Co., acquired in 2003. Lastly, the Independent Financial Services markets Sanlam products for sale through independent agents and includes the group's Sanlam Capital Markets. Unlike many other South African financial groups, Sanlam has chosen to focus its operations primarily on the South African market. Nonetheless, the group is also active in Namibia through its Life Insurance cluster and has investments in Namibia, Malawi, Zimbabwe, and Zambia through Santam. In 2003, Sanlam extended its life insurance business into the United Kingdom as well, acquiring that country's Merchant Investors Insurance Company. Sanlam, formerly the insurance arm of the Afrikaner National Party, has taken the lead in the Black Enterprise Empowerment (BEE) initiative. In 2004, the company sold 10 percent of its shares to the Ubuntu-Botho empowerment consortium. Sanlam is listed on the Johannesburg Stock Exchange.