With a change in Indian regulations, Sanlam intends to increase its stake in Shriram by the end of this year
Sanlam Limited, a South African insurance major, has planned to open two new offices each week in India for the next two years – reported Bloomberg.
Johan van Zyl, chief executive officer of Sanlam, said: “As others like AIG pull back, there are big opportunities for people like us. We have set aside 75 million rand ($9.7 million) for the next two years.”
Last year, AIG was granted a US government bailout after it almost broke down amid the global financial crunch, making way for others to increase market share in various countries, including India. Sanlam had partnered with India’s Shriram Life Insurance Company, wherein it owns 26% of Shriram.
Mr. Van Zyl stated that with a change in Indian regulations, Sanlam seeks to increase its stake in Shriram by the end of this year.
Additionally, Cape Town-based Sanlam has stated that the net income of the company dropped to 1.61 billion rand in the six months through June, from 1.85 billion rand a year earlier, quoted Bloomberg.