Insurer Sanlam says it has extended its partnership with Ubuntu-Botho Investments, led by billionaire Patrice Motsepe, for another 10 years to ensure Sanlam has black shareholders.
"Both parties will jointly explore and pursue opportunities of common interest while Sanlam will assist Ubuntu-Botho in its strategy to establish an independent financial services business," the Cape Town-based insurer said in its annual report, published on Thursday.
The Sanlam Ubuntu-Botho Community Development Trust would pursue initiatives "aimed at supporting poor and disadvantaged communities", it said.
Sanlam set up a black empowerment deal 10 years ago.
"Sanlam will also continue to benefit from the valued involvement of the Ubuntu-Botho representatives on the Sanlam board," the insurer said.
Sanlam's 2014 net income climbed to R8.73-billion from R8.1-billion a year earlier after new business volumes rose 18%, assets under management increased and underwriting activities expanded, it said.
The dividend rose 13% to R2.25 a share.
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