The sales do not include the UK asset management business, which remains a key area for Sanlam's UK owners, reports said.
Sanlam, the South Africa-based group, plans to exit some of its UK-based operations, including its life insurance and wealth management units, to free up capital for its expansion in various African markets and in India, Bloomberg and other media reported late last week.
The insurer is buying a further stake in Morocco-based Saham Assurance SA for about 2 billion rand ($141 million) to boost its presence on the continent, where it already operates in over 30 countries, the news service said.
Reports said the sales don‘t include the UK asset management arm, which will remain important to Sanlam UK’s owners. WealthBriefing is seeking further details, and may update in due course.
“We will maintain an asset management business in the UK,” chief executive officer Paul Hanratty was quoted as saying. “Our other domestic businesses we’re exiting as they don’t form part of our strategy.”
The Cape Town-based firm has already received £75 million ($103 million) for Nucleus Financial Group after finalising its sale in August. It is also exploring the disposal of its insurance, pensions and wealth businesses in the UK.
The CEO declined to disclose the value of the businesses Sanlam is exiting.
In late August, Sanlam UK confirmed that it would be winding down its advisor network – Sanlam Partnerships Limited.