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Sanlam Plans To Raise Stake In Shriram Life

Company currently has a 26% stake in the general insurance company floated by the Shriram Group

South Africa-based Sanlam Life Insurance, a part of the Sanlam Group, is waiting for the Indian government to increase the foreign direct investment (FDI) cap in the insurance sector, so that it can increase its stake in India-based Shriram Life Insurance to 49%.

Addressing a press conference after unveiling new logo of the Shriram Life Insurance, Johan van Zyl, CEO of Snlam, said: We see moves towards lifting FDI ceiling from 26 per cent to 49 per cent, which we hope is imminent.

Sanlam currently holds a 26% stake in the general insurance company floated by the Shriram Group. However, the bill to amend the Insurance Regulatory and Development Authority Act (IRDA) to raise FDI cap in the private sector insurance companies to 49%, is pending.

Shriram Life Insurance Company’s main line of activities in financial services include chit fund, truck financing, consumer durable financing, stock broking, insurance broking and life insurance.

Sanlam, a provider of life insurance, retirement annuities, saving and investment products, personal loans, home loans and trust services to individuals, has presence across South Africa, Namibia and the UK.