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The Suid-Afrikaanse Nasionale Trust en Assuransie Maatskappy Beperk , Santam, was registered on 28 March 1918. It was then decided to convert the life assurance department into a separate company, and the Suid-Afrikaanse Nasionale Lewens Assuransie Maatskappy Beperk , Sanlam, was registered on 8 June 1918. Sanlam, the subsidiary, later became the spearhead of the operation, while Santam remained focused on short-term insurance.
Sanlam showed a small profit at the end of its first year, declared a bonus, and continued to grow consistently from there.
Santam remained the controlling shareholder until 1954 when Sanlam became an independent mutual life assurance company, as well as the largest single shareholder in Santam.
Over the years, Sanlam's focus gradually shifted from traditional life insurance to providing a broader range of financial products and services. In 1998 Sanlam demutualised, listing on the Johannesburg Stock Exchange Ltd and the Namibian Stock Exchange. This changed Sanlam from a mutual entity into a public company with a share capital, namely Sanlam Life Insurance Ltd. At the same time a separate company, Sanlam Ltd, was installed as the parent company of the Sanlam group of businesses. The group was also restructured into several independent businesses within a federal business structure.
Today, Sanlam is a diversified financial services provider with an extensive product offering catering for all market segments. The group has consistently grown its local as well as an international footprint – it now has a presence in 33 African countries also India, Malaysia, the UK and Ireland, the USA, Australia and the Philippines.
In 2018, Sanlam concluded its $1.1 billion acquisition of SAHAM Finances. Additionally, the group announced details of its R11 billion BEE deal, which will see it increasing its direct black shareholding to 18% and black economic ownership to 35%.In December 2021, The Sanlam Group entered into discussions with Allianz for the acquisition of the entire group in Africa except South Africa. Discussions are conducted between the group's headquarters in Bellville and Munich.
