NICO holdings and its partner, Sanlam Emerging Markets (SEM), a subsidiary of the Sanlam Group, says their partnership will continue to be strengthened so as to deliver mutually beneficial financial results for both entities.

SEM holds a 49 percent stake in NICO Life Insurance Malawi in a partnership which dates back to 2011. In June 2014, SEM also concluded the acquisition of a stake in NICO General Insurance operations in Malawi, Zambia, Uganda and Tanzania.

Managing Director of NICO Holdings Vizenge Kumwenda said this following a meeting with SEM’s Chief Executive Officer Junior Ngulube who has been on a business visit to NICO Holdings together with Gaffar Hassam the Regional Executive for Southern Africa responsible for SEM’s businesses in Nambia, Botswana, Malawi, Zambia and Zimbabwe.

He said Malawian life insurers have recorded substantial growth in terms of total assets in recent years, adding that the life insurer’s total assets increased from K72.6 billion in 2010 to 276 billion in 2015.

“The relationship with SEM has been timely and has worked well for NICO Group. Sanlam is supporting us on many fronts, including in actuarial services, information communication technology, leadership training, management training and marketing.” Kumwenda said.

According to Ngulube, the SEM business model was anchored in strong local partnerships.

Through SEM, Sanlam has continuously grown its footprint across Africa with the acquisition of astake in Morocco-based Saham Finances in 2015 expanding its business to 34 countries on the continent.

In addition, Sanlam, which has a market capitalization of $9,5 billion as a at January 31, is one of Africa’s largest investment management groups with $65 billion in assets under management and employs 14711 and a total of 52026 in associate companies.