South Africa’s leading financial group Sanlam is picking a direct stake in the Shriram Group’s life and non-life insurance firms. Currently, Sanlam holds 26 per cent stake in the Rs 90,000 crore Shriram Capital Ltd (SCL), the holding company of Shriram Life Insurance and Shriram General insurance and other financial […]
Insurance
Kenya Insurance Plans Seek to Shield Farmers From Flood, Drought
Kenya’s government is introducing agricultural insurance programs that seek to help farmers deal with shocks caused by droughts and floods, the World Bank said. Farmers of corn and wheat will be protected by a system that divides crop areas into units, with those insured receiving a payout if average production […]
Old Mutual hires executive to manage split
Old Mutual Plc, which said last week it would split into its four main businesses and may list its emerging market and wealth management arms, appointed Rob Leith as director of managed separation. The Anglo-South African financial services company said Leith would be responsible for the “coordinated execution of the […]
East African Insurance Firms To Report The Worst Performance In Five Years
Insurance firms in East Africa are set to report their worst financial returns in five years as weakened currencies, low market penetration and depressed equity markets take a toll on their performances. According to Kenya’s Listed Insurance Companies Analysis for 2015 by Cytonn Investment, insurance firms will register a 48 […]
Insurance cover for organ transplants to go up
The government is working towards widening the scope of insurance under the Rajiv Gandhi Jeevandayi Arogya Yojna (RGJAY) and may bring all organ transplants under its ambit. It is also considering revision of the insurance amount, said union surface transport minister Nitin Gadkari here on Saturday. He was speaking at […]
NIA commiserates with families of Lekki building mishap
• Drums need for insurance Leave a comment and share Chuks Udo Okonta The Nigerian Insurers Association (NIA) commiserates with the families of those who lost their lives in the collapse five-storey building in Lekki, which claimed about 34 lives including artesans, labourers, hawkers, women and children while the number […]
Economic downturn: Insurance operators seek survival measures
Leave a comment and share Chuks Udo Okonta Worried by the present economic challenges which may likely lead to decline in gross premium this year, the Chartered Insurance Institute of Nigeria (CIIN) in collaboration with the Lagos Business School (LBS) have concluded plans to hold an international seminar, which would […]
Rating Action: Moody’s reviews Standard Insurance Limited’s IFS rating for downgrade following action on the South African sovereign
Moody’s Investors Service, (“Moody’s”) has placed the A1.za national scale insurance financial strength (IFS) rating of Standard Insurance Limited (SIL) on review for downgrade. Today’s rating action follows the review for downgrade of the Baa2 debt rating of the Government of South Africa, which reflects the deterioration in the credit […]
Old Mutual to break up into four parts
Oliver Ralph in London and Andrew England in Johannesburg Old Mutual is to break itself up into four parts in a dramatic effort by new chief executive Bruce Hemphill to revive flagging investor enthusiasm. The £9.5bn financial services group said on Friday that by the end of 2018 it would […]
Sanlam full-year profit little changed as life insurance slumps Dividend up 9% to 245 cents per share.
Sanlam, the largest South Africa-based insurer, said full-year profit rose 2.3% after the value of new life business slumped and growth in its home market slowed. Net income for the 12 months through December climbed to R8.94 billion ($587 million) from R8.74 billion a year earlier, the Cape Town-based company […]
