Johannesburg: Sanlam Ltd, the largest South African-based insurer, said it wants to roll out about two new offices each week in India for the next two years. “As others such as AIG pull back, there are big opportunities for people like us,” chief executive officer Johan van Zyl said in a telephone interview from Johannesburg on Thursday. “We have set aside 75 million rands ($9.7 million) for the next two years.”
New York-based American International Group Inc. received a US government bailout last year after it almost collapsed amid the global financial crisis, opening the way for competitors to increase market share in various countries, including India.
Sanlam owns 26% of Shriram Life Insurance Co. Ltd, and Van Zyl said that with a change in Indian regulations expected soon, Sanlam may be able to increase its stake in Shriram by the end of this year.