South Africa’s Sanlam says its Morocco deal helped boost its performance

South African insurer Sanlam said, Wednesday, that acquiring Moroccan-based Saham Finance last year has bettered the group’s performance, Independent Online (IOL) reported on Thursday.

According to a trading statement on the first four months of 2019, Sanlam said that the Moroccan deal allowed it to reach a «10 percent growth in the value of new business written, a 30 percent rise in net fund inflows, and a 9 percent increase net result from financial services».

Moroccan insurance company Saham was officially acquired by South Africa’s Sanlam on October the 11th, 2018.

Sanlam announced, on the same day, that it had «fulfilled all conditions for the $1.1 billion purchase of the shares it doesn’t already own in Morocco’s Saham Finances SA after regulators approved the deal», reports Bloomberg.

For the record, Sanlam has been a Saham partner since February 2016 by owning 46.6% of the company’s stake. The South African giant is listed on the Johannesburg Securities Exchange and is a leading Pan-African financial services group with a market capitalization of over US$16 billion.