“Sanlam is equally committed to delivering on the financial well-being of the clients and employees who are moving across in this transaction,” said De Villiers.
Sanlam said the transfer of the AF Life policies would be paid for in instalments, and it would fund the transaction from existing cash resources. Sanlam said about 210 000 members of AF Life business would be transferred to the group risk business as part of the transaction and 3 700 to the retail life business. AF Life group risk and retail life books reported R1 billion in combined gross written premium for the year to the end of March.
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