BUSINESS

Sanlam concludes Shs23b acquisition of Lion Assurance in Uganda

General Insurance Uganda Limited officials during the acquisition. Photo by Badru Afunadula. 

KAMPALA–Sanlam General Insurance Uganda Limited (SGIU), has successfully concluded the acquisition of 100% interest in the share capital of Lion Assurance Company Limited (LAC) in Uganda, from Trans Industries Proprietary Limited and some minority shareholders.

SGIU bought off LAC at a price of $6.5 million (about Shs23b). Already with a market share of 5%, the merger acquisition of LAC increases its overall market share in the general insurance industry.

Addressing the media in Kampala today, SGIU’s Chief Executive Officer Junior Ngulube said, “Uganda is a key market in Africa and the transaction supports SGIU’s strategy of bolt-on acquisitions to achieve scale.

“We are also confident that this transaction will offer us an opportunity to strengthen our position in the market while benefiting our clients who will have access to the combined expertise of our staff as well our product range,” Ngulube added.

Following the conclusion of the transaction, LAC will be rebranded to SGIU in line with the Sanlam Group’s aim of strengthening its identity and expanding its visibility in Uganda and in East Africa, where it also has a presence in Kenya, Rwanda and Tanzania.

Sanlam believes a robust brand contributes to stronger business performance which ultimately benefits employees, clients, shareholders and all stakeholders. Its brand is expressed through the pay-off line, Wealthsmiths™, which is a simple description of what Sanlam does and believes in.

“This represents our roll-up-your-sleeves, pragmatic approach to doing things. It is our ethos, and our appreciation for the raw materials we work with – our clients’ money. We have a deep understanding that wealth does not come easy – it comes from hard work and dedication and we take our role in this process extremely seriously,” Ngulube explained.

Going forward, LAC will renew all existing client policies under the Sanlam brand. In addition, LAC client policies will be managed by SGIU who will administer claims, organise any changes to existing policies and provide cover for any new requirements that existing LAC clients may have.

Comments

local

All rights reserved. The information contained in this website may not be published, broadcast, re-written or re- distributed without the prior written authority of the publishers

Copyright © 2017. PML Daily

To Top