Standard Bank is partnering Sanlam for Life

Sanlam is one of the largest insurance providers in sub-Saharan Africa, operating across a number of selected global markets. For over 100 years, the company has created value for its stakeholders by providing tailored, comprehensive and client-centric financial solutions to individual and institutional clients. The company also invests in the various communities it operates in, through the Sanlam Foundation, which has invested more than R652 million in education, financial literacy, health (HIV/AIDS), water security, enterprise and supplier development initiatives and employee volunteerism. Assupol is a registered life insurer and authorised financial services provider which provides affordable funeral, life, savings, investments and retirement products to the South African emerging consumer market.

Research indicates that South Africa’s insurance sector is expected to grow substantially between 2023 and 2029 due to an increased awareness among the emerging consumer market about the benefits of insurance, including protection against unforeseen risks, government policies and regulations. The proposed acquisition of Assupol will enable Sanlam to expand its offering and provide affordable insurance products and services to the historically underserved emerging consumer market. While corporates have been cautious of big mergers and acquisitions in the years following the COVID-19 pandemic, we expect to see an increase in mergers and acquisitions this year.

This transaction demonstrates Standard Bank’s ability to mobilise its balance sheet to provide clients with substantial financial support to meet their required commitments. Standard Bank  is able to support its corporate clients through the various stages of their strategic corporate activities, including strategic acquisitions, funding and advisory. By providing this commitment to Sanlam, Standard Bank is supporting consolidation within the insurance sector and cementing its number-one position as the go-to investment bank for large scale acquisition funding.