Africa s Biggest Insurer Banks on India as Its Home Market Reels bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Sanlam Ltd., Africa s biggest insurer, is betting on India to boost short-term profits. The Cape Town-based firm has the potential to triple profits from India within a decade, according to CEO Paul Hanratty. Sanlam has been partnered with Shriram Capital Group in India since 2005, with the country currently accounting for 10% of profit. India s rapidly growing economy, with a projected 6.4% growth this year, is attracting firms like Sanlam. However, Sanlam still relies on South Africa for 75% of its revenue and needs the country to do well in the long run.