Cape Town – Sanlam has sliced more than R6.3 billion off its market cap after the insurer announced a strategic repositioning and plans to establish a leading black-owned asset management company.
The company, which completed a strategic review yesterday, said it also wanted to form a black-owned asset management company with its empowerment partner.
Included in the strategy review was the focus on clients and digital transformation to improve the client and intermediary experience.
It said it would also split the Sanlam Personal Finance business cluster into two from September to support this.
The group said SA Retail Mass would consist of Sanlam Sky, SAfrican and African Rainbow Life, and SA Retail Affluent.
These two clusters, together with Sanlam Corporate, will form part of a new Life and Savings cluster.
New appointment have been made, Juire Strydom, current chief executive of Sanlam Personal Finance, appointed chief executive officer of the newly established Life and Savings cluster.
Kanyisa Mkhize is the new chief executive officer of Sanlam Group, while Bongani Madikiza, currently head of African Rainbow Life, was appointed chief executive of SA Retail Mass.
The company also announced that it plans to sell a 25% stake in its new black-owned asset management company to Patrice Motsepe’s African Rainbow Capital.
Sanlam said its expected maximum purchase price would be R815.2 million.
