Sanlam in partnership with Patrice Motsepe s African Rainbow Capital (ARC) established African Rainbow Life in May 2019. Photo: Elvira Wood
Sanlam has decided to dissolve the African Rainbow Life business, less than two years after it was established.
The insurer said its model, which has very high fixed costs, was challenged under Covid-19.
African Rainbow Life s license and operations will be combined with the SAfrican business and the former s brand will cease to exist.
Sanlam has decided to can its youngest life insurance venture, African Rainbow Life, the group s CEO Paul Hanratty said during the presentation of the company s results on Thursday.