South African insurer Sanlam eyes deals in India, Africa - report.

By bne IntelliNews June 10, 2011
South African insurer Sanlam is pursuing potential deals to be financed from its ZAR 3bn discretionary cash pile, the Business Day newspaper reported. We have earmarked ZAR 3bn (USD 446mn) at the end of 2010 in future growth, predominantly in India and Africa, the company's CEO, Johan van Zyl, was quoted as saying. According to the report, Sanlam's discretionary capital is the excess capital that is freely available for investment or distribution to shareholders without affecting normal business conditions. We are not rushing to get rid of the money because we want to make a deal that makes sense, the executive was cited as saying.
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