DOCSLIB.ORG

From Life Insurance to Financial Services: a Historical Analysis of Sanlam’S Client Base, 1918-2004 Simone Halleen

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
From Life Insurance to Financial Services: a Historical Analysis of Sanlam’S Client Base, 1918-2004 Simone Halleen From Life Insurance to Financial Services: A Historical Analysis of Sanlam’s Client Base, 1918-2004 Simone Halleen Thesis presented in fulfilment of the requirement for the degree of Doctor of Philosophy (History) at the University of Stellenbosch. Supervisors: Prof. Grietjie Verhoef & Dr. Anton Ehlers December 2013 Stellenbosch University http://scholar.sun.ac.za ii Stellenbosch University http://scholar.sun.ac.za ABSTRACT Sanlam has long been stereotyped as an Afrikaans company. It has been positioned in Afrikaner nationalist historiography as one of a number of Afrikaner economic, cultural and political institutions that emerged alongside British ones in the early twentieth century as Afrikaners strove to assert their identity and independence. Much of the existing literature on the history of Sanlam has focused on the role that the company played in promoting this independence by mobilising savings for investment in Afrikaner businesses. This study challenges this conventional view of Sanlam. It argues that Sanlam was established as a South African company in a British industry of which the inclusion and empowerment of Afrikaners formed one aspect. It was a national institution that tried to represent South Africa at all levels. This study demonstrates Sanlam’s inclusiveness as a South African company by analysing its client profile from its establishment as a modest life insurance company in 1918 to its transformation into a diversified financial services group by 2004. It shows that Sanlam did not only target and attract Afrikaans-speaking clients, but included as wide a spectrum of clients as possible within the political and market constraints of the time. It did this by operating as a bilingual company, including working classes through industrial insurance and group schemes and by offering non-traditional life insurance products and ancillary financial services that met a range of needs. In this way Sanlam set itself apart from its competitors. Its clients included people from both sides of the demographic and social divide. Clients included English and Afrikaans-speakers, blacks and whites, young and old, male and female, and lower and upper class. Restrictions and exclusions were based on risk and not on race, sex or class. Sanlam broadened its prospects even further into the South African market during the second half of its history. This was in response to events such as the formation of the Republic in 1961, the growth of the South African economy, the deregulation of the financial sector in the 1980s and 1990s, and the collapse of Apartheid in the early 1990s. By 2004 Sanlam had completed its transformation into a diversified financial services group that provided a range of life insurance and financial services solutions for individuals, groups and businesses from various walks of life. The Group could now shift its focus not only onto further expansion into the South African and neighbouring African markets, but onto the rest of Africa and other emerging markets abroad. iii Stellenbosch University http://scholar.sun.ac.za OPSOMMING Sanlam is lank reeds bekend as ‘n Afrikaanse maatskappy, een van ‘n aantal ekonomiese, kulturele en politieke instellings wat gedurende die vroeë twintigste eeu ontwikkel het met die doel om die Afrikaner se identitieit en onhafhanklikheid te bevorder. Bestaande literatuur oor die geskiedenis van Sanlam fokus sterk op die rol van die maatskappy deur sy verkryging van belegggings vir Afrikanerbesighede. Hierdie studie betwis so ‘n konvensionele siening van Sanlam. Dit betoog dat Sanlam gestig is as ‘n Suid-Afrikaanse maatskappy in ‘n Britse industrie, waar die insluiting en bemagtiging van die Afrikaner slegs een aspek gevorm het. Sanlam was ‘n nasionale genootskap wat Suid-Afrika op alle vlakke probeer verteenwoordig het. Die studie toon Sanlam se insluiting as ‘n Suid-Afrikaanse maatskappy, deur ‘n ontleding van sy kliënteprofiel sedert sy stigting as ‘n beskeie lewensversekeringsmaatskappy in 1918 tot met sy transformasie in 2004 as ‘n gediversifieerde finansiële dienste groep. Dit wys dat Sanlam nie net Afrikaanssprekende kliënte bedien het nie, maar ‘n wye teikengroep binne die politieke en mark beperkinge van die spesifieke era. Albei amptelike landstale is gebruik, die werkersklas is deur industriële versekering en groepskemas betrek en nie-tradisionele lewensversekeringsprodukte en finansiële dienste is aangebied. Hierin het Sanlam homself van sy mededingers onderskei. Kliënte het mense van alle demografiese en sosiale verskille ingesluit. Daar was Engels- en Afrikaanstaliges, swart en wit, jonk en oud, manlik en vroulik, en polishouers van die laer en hoër klasse. Sanlam het gedurende die tweede helfte van sy geskiedenis verder in die Suid-Afrikaanse mark uitgebrei. Dit was in antwoord op gebeure soos die stigting van die Republiek in 1961, die groei van die ekonomie, die deregulering van die finansiële sektor in die 1980s en 1990s, en die beëindiging van apartheid gedurende die vroeë 1990s. Teen 2004 was Sanlam volkome getransformeer tot ‘n gediversifiseerde finansiële dienste groep met ‘n reeks lewensversekering- en finansiële produkte beskikbaar aan individue, groepe en besighede uit alle dele van die bevolking. Die Groep kon nou uitbrei, nie net in Suid-Afrika en sy buurlande nie, maar na die res van Afrika en ander opkomende markte oorsee. iv Stellenbosch University http://scholar.sun.ac.za ACKNOWLEDGEMENTS It has been a privilege to study the history of Sanlam – one of South Africa’s oldest and best- known companies. I commend Sanlam’s management for ‘thinking ahead’ and bravely ‘taking the risk’ of making its archives, its history and its reputation available for academic consumption. I hope that the experience has been as rewarding and insightful for you as it has been for me. Thank you also for the funding which along with merit bursaries from the University of Stellenbosch made this research possible. During the time that I conducted my research at Sanlam’s Head Office in Bellville, Cape Town I was welcomed into the Sanlam family with great warmth, enthusiasm and friendship. It was a memorable time that I miss and will always cherish. In particular I would like to thank Sanlam’s archivist Verity Rossouw. I don’t think there is anyone who is more passionate about Sanlam’s history than you. Thank you for your interest, input and assistance. Another Sanlammer that I am indebted to is the archives assistant Jalynn Fortuin. I have not only gained a PhD, but a lifelong friend in you. I have been blessed to have two world class business historians representing two very different universities, UJ and Stellenbosch, steering this study. This added invaluable perspective and variety to the study. Grietjie and Dr Ehlers the road has not always been smooth, but I have finally given you something to read. To say that I am grateful for your patience and understanding is not enough. I did not deserve it. To my friends and colleagues at the universities of Johannesburg and Stellenbosch, you know who you are – the ones who kept asking me how far I was with my thesis. I can finally say that I am done. Thank you for your support and love and at times tough love. To my student assistant Matthew Hoy thank you for proof-reading, prayers, pouring me energy drinks and pushing me over the final hurdle. Vedi, Vini, Vici! To the Scheepers/Dohmen clan thank you for being my fill-in family and for reading and reflecting on Sanlam’s history with me. A special thank you to Marietjie Scheepers who translated the abstract into Afrikaans. To my real family Mom, Sis, Kayla, Jaydon and v Stellenbosch University http://scholar.sun.ac.za Squirrel thank you for giving me the freedom to pursue this project. I sadly lost my father Paul Halleen during the writing of this thesis. Dad it is with love and longing that I dedicate this to you. And lastly I would like to thank Sanlam’s founders Charlie Fichardt, Fred Dormehl, Willie Hofmeyr, Charlie Louw, Pieter Malan, Antoon Benning and Alfred MacDowall– a group of inspired patriots and visionaries without whom none of this would have been possible. vi Stellenbosch University http://scholar.sun.ac.za TABLE OF CONTENTS Abstract iii Opsomming iv Acknowledgements v Table of contents vii List of abbreviations and acronyms xi List of figures xii List of tables xiii CHAPTER 1: UNDERWRITING SANLAM’S HISTORY 1 1.1 Introduction 1 1.2 Overview of Sanlam’s history, 1918-2004 1 1.2.1 Nationalism and empowerment 1 1.2.1.1 Early empowerment 1 1.2.1.2 The era of finance houses 3 1.2.1.3 Expansion into mining 7 1.2.1.4 Black economic empowerment 8 1.2.2 Transformation from life insurer to financial services group 10 1.2.2.1 Products and corporate structure 10 1.2.2.2 Ownership structure 14 1.3 Current Group structure and functions 16 1.4 Literature review 17 1.4.1 International historiography 17 1.4.1.1 Historical development and globalisation 17 1.4.1.2 State of life insurance history around the world 20 1.4.1.3 Topics and themes 25 1.4.2 South African historiography 31 1.4.3 Sanlam historiography 33 1.5 Research process 35 1.5.1 Rationale 35 1.5.2 Research problem and questions 35 1.5.3 Objectives 36 1.5.4 Research design, method and ethical concerns 36 1.6 Conclusion 38 vii Stellenbosch University http://scholar.sun.ac.za CHAPTER 2: THE HISTORY AND DEVELOPMENT OF THE LIFE INSURANCE INDUSTRY IN SOUTH AFRICA, C.1800-1918 40 2.1 Introduction 40 2.2 The history and development of life insurance: A global perspective 40 2.3 The first foreign life insurance companies in
Load more

Recommended publications
  • SEC News Digest, 11-01-1965
    SECURITIES AND EXCHANGE COMMISSION t·,····,p..ND~ .. .~.~ ~r;~~ IDU@r;~~ 'I Cb~ A brief summary of financial proposals filed with and actions by the S.E.C. Washington, D.C. 20549 (In ordorlng full toxt of R.loa.o. fram Publication. Unit, clto numbor) (Issue No. 65-11-1) FOR RELEASE _,:,:,Nov=.:.,:eID=be::.:r:......::,l,&,.'..:1:,.0:;.9""'65=-_ - MERIT CLOTHING SEEKS EXEMPTION. Merit Clothing Company, Inc., of Mayfield. Ky., has applied to the SEC for exemption from the registration provisions of Section 12(g) of the Securities Exchange Act of 1934, applicable to certain issuers whose equity securities are traded over-the-counter; and the Commission has issued an order scheduling the application for hearing on November 22, 1965. Granting of the requested exemption would also exempt Merit Clothing from the periodic reporting and proxy provisions of the Exchange Act, and its "insiders" would be exempt from the reporting and related provisions of Section 16 of the Act. According to the application, Merit Clothing is engaged in the manufacture of men's clothing. As of May 31, 1965, it had outstanding 1,000 preferred and 180,000 common shares, held by 55 and 1,259 individuals respectively. Merit Clothing does not believe that the Exchange Act requires the registration of its pre- ferred stock. Of the 1,259 common stock owners on May 31st, 1,149 were employees or customers and the re- maining 110 were former employees or their heirs. There is said to be virtually no trading interest in the common stock. The application further indi- cates that no brokerage firm has ever made a market for the Merit Clothing common stock, or is likely to do so in view of the nature of the company's business, its position in the clothing manufacturing industry, and its poor financial history.
    [Show full text]
  • A Synoptic Overview of the Lex Rhodia De Iactu* Lex Rhodia De Iactu'ya Genel Bir Bakış
    SÖĞÜT 209 A Synoptic Overview of the Lex Rhodia De Iactu* Lex Rhodia de Iactu'ya Genel Bir Bakış Asst. Prof. Dr. İpek Sevda SÖĞÜT** Antoninus dicit Eudaemoni: "Ego orbis terrarum dominus sum, lex autem maris, lege Rhodia de re nautica res iudicetur, quatenus nulla lex ex nostris ei contraria est. Idem etiam divus Augustus iudicavit. (D. XIV. 2.9) ABSTRACT This article is an overview of the concept of the general average rules that the Romans adopted from the Rhodesian Law and took place in the codification of Iustinianus. General average is one of the most ancient vestiges of maritime law and practice. Although the decline of Ancient Greece and the rise of the Roman Empire altered the influence of Rhodes maritime law; Rhodes retained its existence as a uniform code, since it was peaceful and profitable for Mediterranean trade. The Mediterranean Sea was, for more than one thousand years, only ruled by the Rhodian law, although augmented with some additions by the Romans. As a matter of fact, the lex Rhodia de iactu may be one of the most controversial issues of Roman private law, since the texts tend to be more historical than juristic. This is due to the structure and * This paper was presented at the 70th session of the Société Internationale Fernand de Visscher pour l'Histoire des Droits de l'Antiquité (SIHDA), on September 2016, in Paris/ France. ** Head of Roman Law Department at Kadir Has University, Faculty of Law in Istanbul/ Turkey. (İpek Sevda Söğüt ORCID ID: orcid.org/0000-0002-3501-6593).
    [Show full text]
  • Analyst Presentation (June 2021)
    2021 ANALYST PRESENTATION INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021 Presented by: Lizé Lambrechts and Hennie Nel CONTENTS • The Santam business portfolio • Market context • Financial results • Capital management • Group strategy and priorities THE SANTAM BUSINESS PORTFOLIO Santam’s Strategic Investment Partnerships inclusive of SAN Conventional Alternative Risk Transfer (ART) JV (Saham) Santam Commercial and Centriq Insurance Santam’s share of the Personal Santam Structured Insurance insurance results of the SEM Santam Specialist general insurance Santam Re businesses, including SAN MiWay JV (Saham) MARKET CONTEXT INSURANCE MARKET OUTLOOK All markets • Global economy is recovering with an expected recovery in global insurance premiums • However, the future of the global economy remains uncertain due to uncertainty on how pandemic will unfold • Weather related catastrophes and cyber events increasing significantly • Rate hardening, growth of cyber insurance and the shift to digital distribution channels are key drivers to insurance growth • Investment into Insurtech continues globally • Pressure to tackle climate change risks and transition towards a low-carbon economy is growing INSURANCE MARKET OUTLOOK South Africa • Economic growth prospects positive • Improvements in vaccine roll-out key to supporting growth prospects • Premium growth expected to grow in line with the economy • In line with global investments in Insurtech, the local market remains a growth opportunity to digitise and narrow the protection gap •
    [Show full text]
  • SEC News Digest, 08-04-1969
    SECURITIES AND EXCHANGE COMMISSION ~r§w~ IDU@r§~~ A brief summary of financial proposals filed with and actions by the S.E.C. ( In ordering full text of Releases from SEC Publications UnIt cr te number) (Issue No. 69-147) FOR R E LEAS E _--...:A:..:;u::£g?::u~s=-t--.:4~'-=..;19:..:6,.:;..9_ MICHIGAN CONSOLIDATED GAS RECEIVES ORDER. The SEC has issued an order under the Holding Company Act (Release 35-1(440) authorizing Michigan Consolidated Gas Company, Detroit subsidiary of American Natural Gas Company, to sell $55,000,000 of unsecured promissory notes to banks. The company intends to use the proceeds of its financing to retire $20,000,000 of promissory notes issued to finance, in part, 1968 and 1969 construction and to finance, in part, the 1969 construction program (estimated at $58,600,000). AGASSIZ MINES SEEKS ORDER. Agassiz Mines Limited, of Toronto, a Canadian Corporation, nas applied to the SEC for an exemption order under the Investment Company Act with respect to a sale of its becurities to Value Line Special Situationa Fund, Inc.; and the Commission has issued an order (Release IC-S780) giving interested persons until August 26 to request a hearing thereon. In August 1968, Value Line acquired 400,000 shares of that company's common stock, or about 10% of the shares of Agassiz Mines then outstanding By virtue of such purchase the two companies became "affiliated persons" as that term ::'sdefined in the Act. Agassiz Mines seeks permission to sell an additional 79,500 shares to Value Line at a formula price of $.6525 per share.
    [Show full text]
  • 2011 Digest of the Acts of the General
    DIGEST OF THE ACTS OF THE GENERAL ASSEMBLY OF VIRGINIA AT THE 2011 SESSION which commenced at the Capitol in the City of Richmond on January 12, 2011, and adjourned sine die February 27, 2011. Published for THE VIRGINIA CODE COMMISSION by THE DIVISION OF LEGISLATIVE SERVICES Commonwealth of Virginia Virginia Code Commission General Assembly Building Richmond, Virginia 23219 2011 MEMBERS OF THE VIRGINIA CODE COMMISSION John S. Edwards, Chairman Bill Janis, Vice-Chairman James M. LeMunyon Ryan T. McDougle Robert L. Calhoun Thomas M. Moncure, Jr. Patricia West Charles S. Sharp Wesley G. Russell, Jr. Frank S. Ferguson E. M. Miller, Jr. PREFACE ________________________________________ For several decades the Division of Legislative Services annually has prepared for the Vir- ginia Code Commission a Digest of the Acts. The Digest gives an overview of the legislation adopted during the Regular and Reconvened Sessions of the General Assembly of Virginia, prior to publication of the Acts of Assembly. The Internet, on-line access to the General Assembly's Legislative Information System, and more rapid dissemination of published and on-line Code updates today have greatly increased timely access to this information. However, we find that there is still a need for a document pro- viding quick access to information about pending changes in specific sections of the Code of Vir- ginia. Beginning in 2009, a modified version of the Digest was instituted in the current format. Part A of the Digest is an index of all Code sections amended, added, or repealed by the 2011 General Assembly. The index is arranged in numerical order by Code Title and section.
    [Show full text]
  • “Men of Influence”– the Ontology of Leadership in the 1914 Boer
    Journal of Historical Sociology Vol. 17 No. 1 March 2004 ISSN 0952-1909 “Men of Influence” – The Ontology of Leadership in the 1914 Boer Rebellion SANDRA SWART Abstract This paper raises questions about the ontology of the Afrikaner leader- ship in the 1914 Boer Rebellion – and the tendency to portray the rebel leadership in terms of monolithic Republicans, followed by those who shared their dedication to returning the state to the old Boer republics. Discussions of the Rebellion have not focused on the interaction between leadership and rank and file, which in part has been obscured by Republican mythology based on the egalitarianism of the Boer commando. This paper attempts to establish the ambitions of the leaders for going into rebellion and the motivations of those who followed them. It traces the political and economic changes that came with union and industrialization, and asks why some influential men felt increasingly alienated from the new form of state structure while others adapted to it. To ascertain the nature of the support for the leaders, the discussion looks at Republican hierarchy and the ideology of patri- archy. The paper further discusses the circumscribed but significant role of women in the Rebellion. This article seeks to contribute to a wider understanding of the history of leadership in South Africa, entangled in the identity dynamics of mas- culinity, class and race interests. ***** Man, I can guess at nothing. Each man must think for himself. For myself, I will go where my General goes. Japie Krynauw (rebel).1 In 1914 there was a rebellion against the young South African state.
    [Show full text]
  • Class, Race and Gender Amongst White Volunteers, 1939-1953
    From War to Workplace: Class, Race and Gender amongst White Volunteers, 1939-1953 By Neil Roos Submitted in fulfilment of the requirements for the degree of Doctor of Philosophy in the Department of History in the Faculty of Human and Social Sciences at the University of North West Supervisor: Dr. Tim Clynick Mafikeng, North West Province August 2001 To Dick Abstract Through a case study of the war and post-war experiences of those who volunteered to serve in the Second World War, the thesis explores aspects of the social and cultural history of white men in South Africa. The thesis begins from the premise that class and ethnicity, the major binary categories conventionally used to explain developments in white South African society, are unable to account for the history of white men who volunteered to serve in the Second World War. It argues that the history of these volunteers is best understood in the context of racist culture, which can be defined as an evolving consensus amongst whites in South Africa on the political, social and cultural primacy of whiteness. It argues that, when the call to arms came in 1939, it was answered mainly by white men from those little traditions incorporated politically into the segregationist colonial order, largely through the explicit emphases of white privilege and the cultural hegemony of whiteness. Their decision to enlist was underscored by an awareness that volunteering entailed a set of rights and duties, which centred on their expectations of post-war "social justice." Chapter three examines some of the highly idealised and implicitly racialised ways in which, during wartime, white troops expanded their understanding of social justice.
    [Show full text]
  • The Role and Application of the Union Defence Force in the Suppression of Internal Unrest, 1912 - 1945
    THE ROLE AND APPLICATION OF THE UNION DEFENCE FORCE IN THE SUPPRESSION OF INTERNAL UNREST, 1912 - 1945 Andries Marius Fokkens Thesis presented in partial fulfilment of the requirements for the degree of Master of Military Science (Military History) at the Military Academy, Saldanha, Faculty of Military Science, Stellenbosch University. Supervisor: Lieutenant Colonel (Prof.) G.E. Visser Co-supervisor: Dr. W.P. Visser Date of Submission: September 2006 ii Declaration I, the undersigned, hereby declare that the work contained in this thesis is my own original work and that I have not previously submitted it, in its entirety or in part, to any university for a degree. Signature:…………………….. Date:………………………….. iii ABSTRACT The use of military force to suppress internal unrest has been an integral part of South African history. The European colonisation of South Africa from 1652 was facilitated by the use of force. Boer commandos and British military regiments and volunteer units enforced the peace in outlying areas and fought against the indigenous population as did other colonial powers such as France in North Africa and Germany in German South West Africa, to name but a few. The period 1912 to 1945 is no exception, but with the difference that military force was used to suppress uprisings of white citizens as well. White industrial workers experienced this military suppression in 1907, 1913, 1914 and 1922 when they went on strike. Job insecurity and wages were the main causes of the strikes and militant actions from the strikers forced the government to use military force when the police failed to maintain law and order.
    [Show full text]
  • December 2014
    Non-executive directors Santam head office and registered address B Campbell, MD Dunn, MP Fandeso, T Fubu, 1 Sportica Crescent BTPKM Gamedze, GG Gelink (Chairman), Tyger Valley IM Kirk, MLD Marole, MJ Reyneke, Bellville 7530 JP Möller, J van Zyl PO Box 3881, Tyger Valley 7536 Tel: 021 915 7000 Executive directors Fax: 021 914 0700 L Lambrechts (Chief Executive Officer), www.santam.co.za HD Nel (Chief Financial Officer), Y Ramiah Registration number 1918/001680/06 ISIN ZAE000093779 Company secretary JSE share code: SNT M Allie NSX share code: SNM Transfer secretaries Sponsor Computershare Investor Services (Pty) Ltd Investec Bank Ltd 70 Marshall Street, Johannesburg 2001 PO Box 61051, Marshalltown 2107 Tel: 011 370 5000 Fax: 011 688 7721 www.computershare.com Table of contents 4 Market context 8 Financial results 32 Capital management 38 Group strategy and priorities 43 Audited summary report for Santam Ltd and its subsidiaries for the year ended 31 December 2014 PRESENTATION TO ANALYSTS SANTAM LTD AND ITS SUBSIDIARIES Audited summary report for the year ended 31 December 2014 1 ANALYST PRESENTATION FINANCIAL RESULTS FOR THE YEAR ENDED 31 December 2014 Presented by Lizé Lambrechts and Hennie Nel 03 March 2015 CONTENT • Market context • Financial results • Capital management • Group strategy and priorities GENE 2 3 MARKET CONTEXT MARKET CONTEXT: KEY THEMES 2014 STRATEGY PROCESSES • Profitable growth remains a major challenge in more developed markets • Emerging markets continue to show positive prospects Outside • Persistently low level
    [Show full text]
  • Justinian's Redaction
    JUSTINIAN'S REDACTION. "Forhim there are no dry husks of doctrine; each is the vital develop- ment of a living germ. There is no single bud or fruit of it but has an ancestry of thousands of years; no topmost twig that does not greet with the sap drawn from -he dark burrows underground; no fibre torn away from it but has been twisted and strained by historic wheels. For him, the Roman law, that masterpiece of national growth, is no sealed book ..... ... but is a reservoir of doctrine, drawn from the watershed of a world's civilization!'* For to-day's student of law, what worth has the half- dozen years' activity of a few Greek-speakers by the Bos- phorus nearly fourteen centuries ago? Chancellor Kent says: "With most of the European nations, and in the new states of Spanish America, and in one of the United States, it (Roman law) constitutes the principal basis of their unwritten or common law. It exerts a very considerable influence on our own municipal law, and particularly on those branches of it which are of equity and admiralty jurisdiction, or fall within the cognizance of the surrogate or consistorial courts . It is now taught and obeyed not only in France, Spain, Germany, Holland, and Scotland, but in the islands of the Indian Ocean, and on the banks of the Mississippi and St. Lawrence. So true, it seems, are the words of d'Agnesseau, that 'the grand destinies of Rome are not yet accomplished; she reigns throughout the world by her reason, after having ceased to reign by her authority?'" And of the honored jurists whose names are carved on the stones of the Law Building of the University of Pennsyl- vania another may be cited as viewing the matter from a different standpoint.
    [Show full text]
  • Equity-Fund.Pdf
    The objective of this portfolio is to provide above average growth in capital over the medium to long term. Income will be of secondary importance. The risk associated with this portfolio will be the same as the risk associated with SA equities as an asset class. Volatility of capital can occur over the short term. The portfolio will invest in liquid assets and in shares across all sectors of the JSE Securities Exchange of South Africa, (JSE Limited). The fund aims to outperform the JSE All Share Index on a total return basis, over an investment horizon of three years or more, by investing in companies that are undervalued relative to their intrinsic value. The investments are subject to rigorous, in-depth research and adhere to our pragmatic value investment philosophy. The investment manager will also be allowed to invest in financial instruments as allowed by the Act from time to time in order to achieve its investment objective. The portfolio may also invest in participatory interests of underlying unit trust portfolios. The fund may at any time hold a maximum of 30% in offshore assets. Risk rating Aggressive Issue date 16 May 2020 Minimum investment R30 000 Min monthly recurring R1000 FTSE/JSE All Share Benchmark TR Index ASISA Fund South African– classification Equity -General Management Sanlam Private Wealth Portfolio manager David Lerche Fund launch 1 April 2011 30 June 2019: 23.49 cents per unit Bi-annual distribution 31 December 2019: Percentage Returns Portfolio Benchmark Active 28.47 cents per unit Since Inception (Annualised) 7.50% 8.36% -0.86% 1st working day in Income payment dates 5 Yrs (Annualised) 0.57% 1.58% -1.01% July & January 3 Yrs (Annualised) -1.25% 1.08% -2.33% Portfolio valuation Time 15:00 Past 12 Month -14.51% -10.78% -3.73% Transaction cut-off time 15:00 Withdrawals On request Annualised return is the weighted average compound growth rate over the period measured.
    [Show full text]
  • STRATEGIC PARTNERSHIPS Junior Ngulube 16 & 17 October 2019
    STRATEGIC PARTNERSHIPS Junior Ngulube 16 & 17 October 2019 Insurance | Financial Planning | Retirement | Investments | Wealth AGENDA SPA strategy & partnership landscape Our Strategic Partnerships Stakeholder management Conclusion SPA STRATEGY & PARTNERSHIP LANDSCAPE SPA STRATEGY AT GLANCE Sustainable & profitable growth Leverage the footprint 1 2 3 1 2 3 Leverage the footprint & Grow the GI Grow the Life Pursue innovation Become the Go-to Drive growth in Specialist drive growth through other portfolio including business including across the value partner to MNCs & other classes and Reinsurance, also distribution channels and Health & Asset Management chain focusing on International Insurance supporting the MNC strategy partnerships across the Assistance & Retail Credit growth opportunities companies in partnership with Santam that meet the needs continent of the customers Strong Governance, Compliance and Brand, values, culture and ethics Risk Management Position the SPA brand as the leading pan African Financial Services player with an inclusive culture SPA STRATEGY AT GLANCE Sustainable & profitable growth Leverage the footprint 1 2 3 1 2 3 Leverage the footprint & Grow the GI Grow the Life Pursue innovation Become the Go-to Drive growth in Specialist drive growth through other portfolio including business including across the value partner to MNCs & other classes and Reinsurance, also distribution channels and Health & Asset Management chain focusing on International Insurance supporting the MNC strategy partnerships across the Assistance
    [Show full text]