Sout Africa’s largest composite insurance group, Sanlam said it has sold off its 40% equity in Ghana’s Enterprise Insurance.
For selling its stake in Enterprise Insurance, Sanlam received a monetary value of USD130 million. However, the company will remain in Ghana which means Sanlam will now be competing with its erstwhile local unit.
It entered into the Ghanian market started in 2014 when its wholly-owned subsidiary, Sanlam Emerging Markets, SEM bought 40% stake in Enterprise Insurance, a holding company with a core interest in insurance.
Sanlam Emerging Markets disclosed that it sold its stake in Enterprise Life Assurance Company Limited, Enterprise Trustees Limited and Enterprise Insurance Company Limited to Black Star Holdings Limited, a separately managed account held by LeapFrog Strategic African Investments and Prudential Insurance of America.
Its presence in Ghana might be maintained by Saham Finances, which operates across Africa as well.
Perhaps pleased by the sale Sanlam said in a statement that “With SEM as a strategic partner in both the Enterprise Group and Saham Finances, it would have been difficult to meet the regional expansion aspirations of the Enterprise Group”.
Sanlam is also present in Nigeria through partnership and shareholding in FBN Insurance, the insurance arm of FBN Holdings, Nigeria’s largest financial services group.