Sanlam to Roll Out in India - 10 Sep 2009 21:07
According to Sanlam chief executive Johan van Zyl, Sanlam wants to roll out about two new offices each week in India for the next two years. As the American International Group (AIG) cuts down, there is opportunity for new members in the field, and Sanlam wants to be one to take up that calling.
Almost collapsing last year as a result of the global financial crisis, AIG received a bailout from the US government. The diminished presence of the juggernaut in the insurance field opens way for competitors to take their place.
??Like Old Mutual, Sanlam plan to extend their business to Asia to benefit from the continent’s growing spending power. So far, Sanlam have set aside R75 million for the next two years.
? Already holding a hefty 26 percent of India’s Shiram Life Insurance, new regulation may mean that Sanlam increase their share to become a major player in the Asian market by the end of the year. For such a transaction, Sanlam have allotted R500 million.
??The plans for the roll out comes after a decline of 13 percent in net income over the last six months. This percentage represents R1.61 billion with shares in the company falling 0.49 percent to R20.50 on September 3 this year.
According to Sanlam chief executive Johan van Zyl, Sanlam wants to roll out about two new offices each week in India for the next two years. As the American International Group (AIG) cuts down, there is opportunity for new members in the field, and Sanlam wants to be one to take up that calling.
Almost collapsing last year as a result of the global financial crisis, AIG received a bailout from the US government. The diminished presence of the juggernaut in the insurance field opens way for competitors to take their place.
??Like Old Mutual, Sanlam plan to extend their business to Asia to benefit from the continent’s growing spending power. So far, Sanlam have set aside R75 million for the next two years.
? Already holding a hefty 26 percent of India’s Shiram Life Insurance, new regulation may mean that Sanlam increase their share to become a major player in the Asian market by the end of the year. For such a transaction, Sanlam have allotted R500 million.
??The plans for the roll out comes after a decline of 13 percent in net income over the last six months. This percentage represents R1.61 billion with shares in the company falling 0.49 percent to R20.50 on September 3 this year.