Managing change: diversification and transformation, 1993–2003

As global insurance markets experienced a shift out of life assurance into new wealth products, Sanlam faced the same trend. Demutualization required more free capital than commanded by Sanlam, leading to an extended capital building programme, which ultimately fed into demutualization. Sanlam focused business operations on restructured business units, new distribution channels, and non-traditional markets. Serious attempts at bancassurance absorbed attention under severe market competition. Internationalization strategies failed to deliver to expectations. After listing in 1998, operational, management, and functional transformation occurred in a new South Africa. Statutory sanctioned empowerment policies chartered future company strategies. Implementation was delayed by the death of the CEO and an inexperienced successor. The company remained hamstrung by too-large exposures to a handful of big investments.