Sanlam, which currently owns a 10.2% effective shareholding in Shriram Finance Limited (SFL), reallocated capital from the SFL credit business and allocated additional capital to increase its stakes in SGIC and SLIC, while slightly reducing its exposure to SFL to 9.5%.

Sanlam recognises India as a core market and strategic pillar in achieving long-term earnings growth and sustainable shareholder value creation. The country has very strong growth dynamics, with relatively low insurance penetration. Growth in the insurance sector has been strong, fuelled by the easing of regulatory policies, fast-paced digitisation efforts, and increased awareness among customers.

The transaction will enable Sanlam to further enhance its position in India's insurance market and growth. Additionally, the deal reaffirms Sanlam's confidence and commitment to India's economy.

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Sanlam Ltd. published this content on 05 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 April 2024 12:47:11 UTC.