Insurer Sanlam has acquired a 40% stake in a unit of Ghana's Enterprise Insurance Co for about R240-million in its latest move to expand in fast-growing sub-Saharan markets.
The stake is in Enterprise's non-life insurance business, Sanlam said yesterday.
The deal remains subject to regulatory approval in Ghana, Sanlam added.
South Africa's top insurer by market value already owns 49% of Enterprise's life insurance business and 40% of its pension fund administration arm.
CEO Johan van Zyl said last month the insurer has R3.3-billion set aside for expansion in India and Africa, adding it was looking for possible acquisitions in both Ghana and Kenya.
South African firms are looking to tap the rising middle class in the rest of Africa to offset slower growth in the domestic economy.
Market penetration for insurers in Ghana is 1.1%, Sanlam said.
The company has operations in at least 10 other African countries, including Nigeria.
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