Alexander Forbes Group Holdings is seeking to acquire companies to build employee benefits services after finalizing a plan to withdraw from the insurance sector.

South Africa’s retirement investment adviser has increased surplus capital and sold its risk and retail business, which had premium income of R1 billion at the end of March, to Sunram.

The 100 million Rand deal will end the strategy of ending capital-intensive activities following the disposal in Uganda and Zambia, allowing the company to focus on scaling up in priority areas.

“This is about the increase in acquisitions due to the integration of new businesses and markets,” CEO Dawee de Villiers said in an interview Monday. “As a result of Covid-19, we have significantly increased engagement with players who were not at the table in the past.”

South Africa expects its economy to recover 4.2{98cae0078f524eff3ab8ec32cf55b261677ef6c8a6ed6e94d92a4234b93f46b6} this year, so the company plans to expand its management and consulting while increasing its assets under management. According to De Villiers, the government’s move to tackle corruption and address the challenges of state-owned enterprises is one of the factors that raises the company’s optimism in the domestic market.

“No company is planning a major cut in its involvement with the company,” said De Billiers. “It’s very positive for South Africa.”

Source: News24

Alexander Forbes begins trading after insurance sale to Sunram

Source link Alexander Forbes begins trading after insurance sale to Sunram

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