Fitch affirms Sanlam Life, parent

Fitch Ratings said it affirmed Sanlam Life Insurance Ltd.'s ratings at national insurer financial strength AA(zaf) and national long-term AA-(zaf).

At the same time, Fitch said it affirmed Sanlam Ltd.'s, the parent of Sanlam Life and the ultimate holding company of the Sanlam group, national long-term rating at A+(zaf).

The outlook remains stable.

Fitch said the rating actions follow the group's announcement of its firm intention to acquire all of the issued ordinary shares of African Life Assurance Co. Ltd.

"Sanlam's proposed acquisition of African Life meets its strategic objective of using its strong capital position to expand its product and distribution reach," said Harish Gohil, a director in Fitch Ratings insurance group.

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