Fitch affirms Sanlam

Fitch Ratings said it affirmed Sanlam Life Insurance Ltd.'s national long-term rating at AA(zaf) and national short-term rating at F1+(zaf) as well as the company's subordinated debt at A+(zaf).

The outlook is stable.

Fitch also affirmed Sanlam Developing Markets Ltd.'s national long-term rating at AA(zaf).

The outlooks are stable.

Fitch affirmed Sanlam Ltd.'s, the parent of Sanlam Life and the ultimate holding company of the Sanlam group, national long-term rating at AA-(zaf) with a stable outlook.

The affirmation of Sanlam and Sanlam Life is based on the Sanlam group's strong and robust capital position, diversified revenue streams, resilient and improved operating performance, strong and diversified business position and well-established franchise in South Africa, the agency said.

The affirmation of Sanlam Developing is based on Fitch's view that the company has core status within the Sanlam group, the agency added.

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