Johannesburg, Sep 12 (PTI) South African financial services giant Sanlam’s operations in India, in partnership with Shriram Group, are contributing significantly to its growth, according to the company’s financial statement for the six months ended June 30, 2026.
Sanlam said its ongoing footprint expansion in India is serving as a primary pillar of underlying growth.
The Cape Town-based financial services group has systematically deepened its exposure within the high-potential Indian subcontinent, leveraging its core partnership with the Shriram Group.
During the first half of 2026, Sanlam finalised key transactions in the Indian market, transitioning its role in its regional partnerships from a significant minority investor to a controlling stakeholder.
After securing the necessary regulatory approvals, Sanlam officially increased its effective economic shareholdings in both Shriram Life Insurance and Shriram General Insurance to over 50 per cent.
“Sanlam grew core earnings and is optimistic about the outlook for the full 2026 financial year. We are investing heavily in our home market, across the continent, and in India, as we are confident about the opportunities all these markets represent,” said Sanlam Group Chief Executive Officer Paul Hanratty.
Hanratty, during the results briefing on Thursday, said that the structural progression during the first half of 2026 saw excellent strategic progress, specifically highlighting the successful reshaping of the group’s India portfolio.
Sanlam’s partnership with India’s Shriram Group officially started in May 2005 with a 26 per cent minority stake in a newly created joint venture, Shriram Life Insurance Company. Sanlam provided product development and insurance expertise, while Shriram contributed its distribution network and local brand footprint.
Building on the initial success, the partnership expanded into non-life sectors by launching Shriram General Insurance, extending coverage into motor and retail property insurance. Sanlam deepened its alliance by acquiring a 26 per cent direct stake in Shriram Capital Limited (SCL), the holding umbrella for Shriram’s broader commercial vehicle finance, retail loans, and financial service entities.
Since then, Sanlam has transitioned from a strategic equity investor to an operational controlling shareholder, taking effective majority control of Shriram Life Insurance (68.72 per cent) and Shriram General Insurance (50.99 per cent).
Sanlam also expanded into Shriram’s capital markets, wealth management, and stockbroking platforms.
The group’s growth balance sheet is further bolstered by strategic capital injections from global partner Mitsubishi UFJ Financial Group (MUFG) into Shriram Finance, unlocking funding to accelerate retail coverage in underpenetrated semi-urban and rural areas.
Sanlam said India remains central to the company’s long-term Vision 2030 framework. Although group-level headline earnings encountered short-term headwinds from weather-related and large loss events elsewhere on the continent, the structural integration of the Indian entities gives Sanlam direct majority access to one of the world’s fastest-growing middle-class demographics.
Supported by disciplined execution and clear market demand for micro-loans, general coverage, and life insurance, Sanlam’s Indian platform is positioned to serve as a major driver of future cash generation and shareholder value creation, it said. PTI FH MR
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