Sanlam to Acquire 60 Percent Stake in MultiChoice’s Insurance Business

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Sanlam X
Sanlam

Pan-African insurance giant Sanlam has signed an agreement to acquire a 60% stake in MultiChoice’s insurance division, NMS Insurance Services (NMSIS).

As part of the deal, Sanlam will make an initial payment of $65.6 million to MultiChoice, with an additional cash payment of up to $82 million contingent on the gross written premiums generated by NMSIS by the end of the 2026 financial year.

This acquisition enables Sanlam to expand its insurance and financial services operations across Africa. The extension of these activities beyond South Africa will be managed by its subsidiary, SanlamAllianz.

Sanlam has a significant presence in Ghana, where it offers a range of insurance policies, including underwriting all policies for aYo Intermediaries Ghana. This leading microinsurance company allows MTN Ghana customers to purchase insurance using airtime and mobile money.

The acquisition marks a strategic move for Sanlam to strengthen its footprint in the African insurance market and diversify its service offerings across the continent.

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