Sanlam Business Model Canvas

Sanlam partners with banks and retail chains to embed simple insurance and savings at tills and online checkouts, reaching over 7 million customers in 2024 and cutting customer acquisition cost by ~40% versus broker channels. These bancassurance and retail alliances boost access for underserved segments, driving low-cost scale distribution and contributing ~12% of group new business value in FY 2024.

Sanlam’s key partnerships (Allianz JV: 12m clients, ZAR18.4bn GWP 2025; Shriram: 1,200 branches/50,000 agents, taps India’s $42bn retail premiums 2024); bancassurance/retail: 7m customers, −40% CAC, 12% new business value FY2024; reinsurance: solvency ~200% FY2024; fintechs: 15+ pilots, 40% faster claims, 22% loss‑ratio drop 2024.

Sanlam assesses client risk to set coverage and premiums, using ML models on traditional and alternative data; by 2024 Sanlam reported a 30% uplift in predictive accuracy from AI pilots, cutting loss ratio volatility by 8 percentage points year-on-year. Effective underwriting preserves solvency—Sanlam’s 2024 group solvency cover remained around 2.1x—while keeping products priced competitively.

Designs/prices savings and insurance products (ZAR 120bn inflows 2024), manages ZAR 1.2tn AUM (USD ~65bn Dec 2025), underwrites with AI (30% accuracy uplift 2024), runs digital platforms (ZAR 1.2bn IT capex 2024), and automates claims (4.2 days avg, fraud -18% YoY, NPS +7 pts 2024).

The group employs over 7,500 specialists—including actuaries, investment analysts, and CFPs—whose intellectual capital supports compliance across 30+ jurisdictions and manages R397 billion in assets (2024); ongoing training programs reached 15,000 learning hours in 2024 to keep advice and risk models aligned with evolving regulations and market best practices.

Sanlam’s key resources: strong capital (Group solvency SA life 190% FY2024; R11.8bn excess capital), brand & distribution across 35+ African markets serving ~14m clients (ZAR1.2bn marketing 2024), 7,500+ specialists managing R397bn AUM, digital platforms handling 22M+ interactions and R1.4T premiums/AUA, 30+ years data driving 12% lower loss ratios and 18% higher cross-sell.

Sanlam offers professional guidance and investment vehicles to build and protect long‑term wealth, managing ZAR 1.2 trillion in client assets (2024) to support retirement goals and institutional fiduciary duties. Through expert asset management and financial planning, the group targets sustainable long‑term returns via disciplined, multi‑asset strategies that delivered a 7.4% annualised return for retail portfolios over the past five years.

Sanlam delivers an integrated financial platform—insurance, retirement, investment and wealth—with ZAR 1.2tn AUM (2024), ZAR 13.9bn net premiums (FY2024), 14m+ clients (FY2024), presence in 35 African markets (2025), 3.5m digital users (Dec 2025) and digital sales ~22% (FY2024), lowering cross‑border compliance and speeding claims by 40%.

Dedicated relationship managers serve Sanlam’s corporate and institutional clients, acting as a single point of contact for bespoke solutions—employee benefits, group schemes, and corporate risk management—and tailoring advice to meet complex needs; as of FY2024 Sanlam Corporate reported R14.2bn in institutional assets under administration, with 87% client retention in its corporate segment.

Sanlam combines 8,500+ advisers (R1.2tn AUM, 88% retention in 2024), digital self-service (~48% interactions, saved ZAR120m), corporate RM (R14.2bn AUA, 87% retention) and education/rewards (1.2M reached; +6–12% retention; cross-sell 18→24%; avg premium +15%) to deepen relationships, reduce churn, and raise lifetime value.

By embedding products in partner banks’ systems, Sanlam taps into millions of customers at transaction moments—Sanlam reported over ZAR 12.4bn in bancassurance-linked premium flows in FY2024, reaching an estimated 3.2 million retail clients via bank partners; this leverages banks’ trust to cross-sell relevant insurance and savings products and scales distribution far cheaper than adding branches, cutting per-policy acquisition costs by over 40% versus direct channels.

Sanlam distributes via ~10,000 advisers (≈45% wealth sales, 2024), 22% digital retail premiums (FY2024), ZAR12.4bn bancassurance flows (FY2024), 400+ branches (28% new SA sales, 2024), and 8+ million mobile customers (2024); branches ran 12,000 trainings and reached 360,000 via community programs.

Small and medium enterprises (SMEs) need specialized insurance for assets, liability, and employee benefits; Sanlam offers scalable solutions that grow with businesses, covering property, professional liability, and group risk plans. As of 2024 SMEs contributed ~33% of GDP in key markets and accounted for 60% of employment, so Sanlam’s SME portfolio—targeting 10–15% annual premium growth—builds long-term corporate clients and supports economic resilience.

Sanlam serves: mass retail (~3.8M policyholders, 42% digital new low-value sales FY2024), HNW/private clients (R126bn AUM private FY2024), SMEs (target 10–15% premium growth; SMEs ~33% GDP), institutions (Group ZAR1.2tn AUM, ZAR45bn+ institutional inflows FY2024), and microinsurance (<$1/month, EM growth >12% YoY 2024).

Sanlam pays commissions to independent brokers, financial advisors and partner banks for policy acquisition and servicing—these variable costs track revenue and averaged about 18% of gross written premiums in 2024 (R14.5bn on R80.5bn GWP), making them a major outflow that requires tight control to protect margins.

Sanlam's 2024 cost base is driven by personnel (employee benefits ZAR 3.9bn), IT/digital (ZAR 1.2bn), compliance (ZAR 1.2bn), cybersecurity (~ZAR 200m), broker commissions (~18% of GWP ≈ ZAR 14.5bn) and net claims ZAR 78.4bn, managed via underwriting, reinsurance and claims efficiency.

Sanlam earns management fees as a percentage of assets under management (AUM), charging retail and institutional clients on its ZAR 1.2 trillion+ AUM (2024), and it also collects performance fees when returns exceed agreed benchmarks.

This revenue stream scales with net inflows and market gains, and benefits from Sanlam’s multi-year outperformance in key funds—e.g., 5-year annualized alpha of ~1.2% in core equity portfolios—boosting fee income.

Sanlam’s revenues: life premiums R88.5bn FY2024; general insurance premiums R14.2bn FY2024; AUM ~R1.2tn end‑2024 with management/performance fees; advisory fees ~R3.1bn FY2024; investment income R8.2bn and annualised yield ~5.1% (2024).