Sanlam to hike shareholding in Shriram General Insurance, Shriram Life Insurance
South African financial services group Sanlam announced that it has reached an agreement to increase its effective shareholding in Shriram General Insurance Company (SGIC) and Shriram Life Insurance Company (SLIC) in India.
The company said, through its wholly-owned subsidiary, Sanlam Emerging Markets Mauritius Limited, it has reached an agreement to acquire shares from TPG India Investments II Inc and the Shriram Ownership Trust.
The transaction involves acquiring 6.29 percent in SGIC and 7.04 percent in SLIC from TPG, as well as 4.45 percent in SGIC and 4.98 percent in SLIC from the Shriram Ownership Trust. Additionally, part of Sanlam Life’s holding in Shriram Finance Limited will be disposed of to fund the transaction. This move, Sanlam said, aligns with its strategic goal to strengthen its position in India, a core market for the company, and to drive long-term growth.
It also said it enhances Sanlam’s geographic diversification and scale in emerging markets outside of Africa. The transaction is subject to regulatory approvals, including from the relevant authorities, and is expected to be completed in the second half of 2024.
