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MultiChoice selling huge chunk of insurance business to Sanlam in R2.7-billion deal

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Multichoice,Sanlam,Banking

Sanlam is set to acquire a majority stake of MultiChoice’s insurance business.

Sanlam and MultiChoice announced that they have entered into an agreement for the financial services provider to acquire 60% of MultiChoice’s insurance business, NMS Insurance Services .

The earn-out is contingent on the amount of gross written premium generated by NMSIS for the financial year ending 31 December 2026. “Through this commercial arrangement, Sanlam and its affiliates have the opportunity to cross-sell financial services products to MultiChoice’s extensive and engaged subscriber base of 21 million households across 50 countries in Africa,” MultiChoice stated.

“It not only allows us to increase the value we provide to our subscribers, but also enables us to leverage Sanlam’s expertise to drive growth and innovation in our insurance offerings across the continent.”

 

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