Sanlam takes over Lion Assurance
South African insurer, Sanlam, has acquired 100 percent stake in Lion Assurance Company limited for $ 6.5 million.
The company directors believe this acquisition will enable Ugandans to access insurance services.
Lion Assurance has been the 4th biggest insurance company in Uganda.
In 2015, it recorded a gross underwritten premium of Shs 35.2billion up from Shs 23.7billion in 2014.
Last year, it recorded a 67% growth in net profit to Shs 5.36 bn on the back of innovations and take-over of AIG brokers.
With such portfolio the Sanlam General Insurance has invested $ 6.5 million to take the 100 percent shares.
Gary Corbit the chief executive officer of Sanlam said the takeover will see many of the uninsured Ugandans take up insurance.
Sanlam is one of the top insurers in South Africa with 49 percent market share there.
