Sanlam to acquire 60% of MultiChoice's insurance business

Sanlam has signed an agreement with MultiChoice, a South African entertainment company, to acquire a 60% stake in its insurance division, NMS Insurance Services (NMSIS).

Under the terms of the transaction, Sanlam will pay an initial amount of 1.2 billion ZAR (65.6 million USD) to MultiChoice, followed by an additional cash payment of up to 1.5 billion ZAR (82 million USD), depending on the gross written premiums generated by NMSIS at the close of the 2026 financial year.

This transaction allows the pan-African group to broaden the scope of its insurance and financial services activities in Africa. The expansion of these activities outside of South Africa will be handled by the SanlamAllianz subsidiary.