Sanlam : to Sell UK Wealth Businesses

This transaction is expected to complete during the first quarter of 2022.

Last week Sanlam announced the sale of its UK life and pensions business to Chesnara plc for GBP39 million, subject to regulatory approvals. Sanlam also completed the sale of its UK platform business, Nucleus Financial Group plc, in August this year, and received proceeds of GBP75 million.

The total proceeds from the sale of the three UK businesses is GBP254 million, and in aggregate represents a premium to the value Sanlam has carried these businesses at in their Group Equity Value.

Sanlam will retain the Group's institutional asset management operations in the UK. These operations manage client assets of GBP4.5 billion. This allows Sanlam to focus its international asset management business to better service its South African and African clients. Sanlam's international asset management capabilities reflect a long-standing track record of delivery through its dedicated and diverse workforce, including 35 investment professionals based in the UK.

Sanlam Group CEO, Mr Paul Hanratty said: "This transaction represents a good opportunity to reallocate capital to Africa, a key part of our diversification strategy, and other selected emerging markets while enabling us to amplify our international asset management offering and service to our clients."