Sanlam values local partnerships for Indian market success

Sanlam, a South African insurance company, prefers to maintain its partnership with Shriram in India rather than pursue full ownership. The company values Shriram's local expertise, which it sees as essential for understanding the market. The Indian Union budget has proposed allowing foreign companies to own 100% of local insurance firms, but Sanlam is focused on increasing its stake in Shriram General Insurance and Shriram Life Insurance, pending regulatory approval. Sanlam is also expanding its asset and wealth management services with Shriram, investing approximately 105 crore in asset management and 150-250 crore in wealth management. The new ventures aim to meet the growing demand for wealth management products in India.