Santam Plans Expansion into Asia to Diversify Premiums, Boost Growth
TLDR
- Santam, a South Africa-based insurer, plans to expand into Asia and the Middle East.
- The move aims to diversify premiums and leverage expertise in emerging markets.
- Success in India with Shriram Capital Group has been fruitful, generating significant profits.
South Africa-based general insurer Santam is planning to expand into Asia as part of its strategy to diversify its premiums and counter sluggish growth in its home market.
The insurer, a subsidiary of a financial services group of the same name, aims to leverage its expertise in emerging markets to tap into the growth potential in Asia and the Middle East.
The move follows the success of Sanlam in India, where it has partnered with Shriram Capital Group since 2005, generating about 17% of profits from that market.
Key Takeaways
Currently, 82% of Santam's premiums are generated in South Africa. However, economic growth in the Middle East and Central Asia is projected at 2.8% in 2024 and 4.2% in 2025, compared to South Africa's projected growth of 0.9% and 1.2%. By focusing on reinsurance opportunities in these regions, the insurer aims to leverage its existing expertise in emerging markets.
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