Sanlam has acquired 100% shareholding in Assupol

Further to our announcement on 02 February 2024, where we advised you of the proposed transaction whereby Sanlam intends to acquire 100% shareholding in Assupol, we are pleased to announce that the transaction has been approved by the authorities. This means that Assupol is now part of the Sanlam group.

What does the proposed transaction mean for you as a policyholder?

• There will be no changes to your policy, premiums, or benefits, as a result of the proposed transaction. All client related queries and claims processes will remain unchanged.
• You can expect the same service excellence that you have come to rely on from Assupol.
• We have a proud track record since 1913 of serving those who serve, and we remain firmly committed to continuing to serve you and your loved ones going forward.

What must you do?

You do not have to do anything.

Rationale for the transaction

The Transaction is an attractive proposition for Sanlam and Assupol alike for, amongst others, the following rationale:

1. Enhanced customer offering

Opportunity to provide a broader product offering, for the benefit of the Sanlam Group's and the Assupol Group's customers, by capitalising on the businesses' respective routes to market and leveraging cross-selling opportunities across the enlarged Sanlam Group.

2. Synergies

Value creation potential for all stakeholders through the realisation of potential synergies with respect to reinsurance, capital optimisation through the Sanlam Group balance sheet, IT and other back-office synergies, whilst ensuring strong customer service level continuity.

3. Brand preservation

Preservation and promotion of Assupol's excellent brand and reputation that is trusted and widely recognised with over five million lives insured in South Africa. This will also mean continuing to entrench the current activities that support the brand across the different markets.

4. Shared values

Sanlam and Assupol share similar values regarding socio-economic transformation and ethical behaviour and the positive impact their combination can bring to the South African market and to the lives of customers.

From the perspective of the group of companies ("Assupol Group"), the Proposed Transaction will strengthen its ability to continue providing comprehensive insurance solutions and exceptional value to its clients.

For any queries relating to your Assupol policy, our client services team will be available to assist you at 0861 235 664 or via email at clientservices@assupol.co.za or visit any of our Assupol branches.

Assupol