Sanlam branches into Uganda

South Africa's second-biggest insurer Sanlam has opened a unit in Uganda as it seeks to tap into the east African country's high growth life insurance sector and expand its African footprint.

South Africa's second-biggest insurer Sanlam has opened a unit in Uganda as it seeks to tap into the east African country's high growth life insurance sector and expand its African footprint.

Sanlam - which said last month it plans to invest 18-20% of its R3,5billion excess capital in Africa - said yesterday it aimed to tap into 80% of Uganda's workforce in the agricultural sector through Sanlam Life Insurance Ltd unit.

"The projected economic growth of three to 5% in 2009 and 2010, the recent discovery of oil fields and Uganda's developing democracy mean there is need for a well-insured population," said Sanlam CEO Johan van Zyl.

Sanlam already operates in Botswana, Ghana, Kenya, Malawi, Nigeria, Tanzania and Zambia. - Reuters

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