Sanlam may enter Egypt in a year: CEO

South African insurer Sanlam Ltd may invest in Egypt in the next year, according to CEO Ian Kirk following interim results bolstered by its pan-African strategy.
Reporting a 32 percent drop in profits primarily due to one-off costs including a black economic empowerment transaction and a ZAR200 million amortisation charge, Kirk told Reuters that Sanlam was now looking at a number of potential companies in Egypt.

Sanlam’s net result from financial services rose 13 percent, which the insurer described as a “credible” performance considering an ailing economy in South Africa and volatility in global markets amid trade standoffs between China and the UAE and other uncertainties such as Brexit. 

It said its results were buoyed by its Moroccan unit SAHAM Finances, which is purported to be the company’s biggest ever acquisition.