Pub Date : 2018-10-25DOI: 10.1093/oso/9780198817758.003.0006
G. Verhoef
Sanlam returned to insurance and the delivery of value-adding financial services by disposing of a large investment in a banking company, thereby freeing up its capital for financial services diversification at last. Aggressive pruning of non-performing operations in the domestic and international markets, business operational restructuring, and a new management philosophy put Sanlam on the road to improved efficiency. With a focus of value-adding financial services to the entry-level market, as well as established markets in the UK, Sanlam improved return on equity employed, and positioned itself for global expansion. From an emerging market the path dependence of empowerment strategies were reinforced in new markets. From a strong strategy directing central management platform, optimal operational authority at the level of transacting positioned the company as a global player.
{"title":"Affirming the roots","authors":"G. Verhoef","doi":"10.1093/oso/9780198817758.003.0006","DOIUrl":"https://doi.org/10.1093/oso/9780198817758.003.0006","url":null,"abstract":"Sanlam returned to insurance and the delivery of value-adding financial services by disposing of a large investment in a banking company, thereby freeing up its capital for financial services diversification at last. Aggressive pruning of non-performing operations in the domestic and international markets, business operational restructuring, and a new management philosophy put Sanlam on the road to improved efficiency. With a focus of value-adding financial services to the entry-level market, as well as established markets in the UK, Sanlam improved return on equity employed, and positioned itself for global expansion. From an emerging market the path dependence of empowerment strategies were reinforced in new markets. From a strong strategy directing central management platform, optimal operational authority at the level of transacting positioned the company as a global player.","PeriodicalId":192320,"journal":{"name":"The Power of Your Life","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115223576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-10-25DOI: 10.1093/OSO/9780198817758.003.0007
G. Verhoef
During the last five of the first hundred years (2013–2018) of the life insurance company, the strategic repositioning as a financial services group has been the foundation of future expansion. Committed to the South African market, Sanlam seeks synergies with global partners as well. Constrained by depressed market conditions since mid-2014, management placed emphasis on human capital and strategy for further expansion. The group has sustained a century of adaptation of fundamentally changing context. The future is grounded in strategic partnerships to deliver innovative financial services where the Sanlam past expertise is best suited to add value. The quality of human capital, innovation, and strategic management are the keystones of the group future.
{"title":"Wealthsmiths™: a century later","authors":"G. Verhoef","doi":"10.1093/OSO/9780198817758.003.0007","DOIUrl":"https://doi.org/10.1093/OSO/9780198817758.003.0007","url":null,"abstract":"During the last five of the first hundred years (2013–2018) of the life insurance company, the strategic repositioning as a financial services group has been the foundation of future expansion. Committed to the South African market, Sanlam seeks synergies with global partners as well. Constrained by depressed market conditions since mid-2014, management placed emphasis on human capital and strategy for further expansion. The group has sustained a century of adaptation of fundamentally changing context. The future is grounded in strategic partnerships to deliver innovative financial services where the Sanlam past expertise is best suited to add value. The quality of human capital, innovation, and strategic management are the keystones of the group future.","PeriodicalId":192320,"journal":{"name":"The Power of Your Life","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123946965","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-10-25DOI: 10.1093/OSO/9780198817758.003.0002
G. Verhoef
The first quarter of a century of Sanlam in the long-term insurance business was characterized by strong centralized bureaucratic management, an unmistakeably Afrikaner cultural hub at Head Office, and attention to the professional training of agents. The company growth was solid and slowly gained market share through innovative products and attention to service. A close connection between Afrikaner cultural and political leadership was prevalent throughout this period. Sanlam used this nationalist allegiance to grow its business, and to develop a presence for Afrikaners outside of insurance in other sectors of the economy. By the end of World War II non-exclusive production positioned the company to benefit from strong economic growth after 1945.
{"title":"Setting down the footprint: from war to war, 1919–1945","authors":"G. Verhoef","doi":"10.1093/OSO/9780198817758.003.0002","DOIUrl":"https://doi.org/10.1093/OSO/9780198817758.003.0002","url":null,"abstract":"The first quarter of a century of Sanlam in the long-term insurance business was characterized by strong centralized bureaucratic management, an unmistakeably Afrikaner cultural hub at Head Office, and attention to the professional training of agents. The company growth was solid and slowly gained market share through innovative products and attention to service. A close connection between Afrikaner cultural and political leadership was prevalent throughout this period. Sanlam used this nationalist allegiance to grow its business, and to develop a presence for Afrikaners outside of insurance in other sectors of the economy. By the end of World War II non-exclusive production positioned the company to benefit from strong economic growth after 1945.","PeriodicalId":192320,"journal":{"name":"The Power of Your Life","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126907461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-10-25DOI: 10.1093/OSO/9780198817758.003.0003
G. Verhoef
In tandem with international economic growth, Sanlam displayed progressive growth in the insurance and investment markets between 1945 and 1985. In a period of mounting political opposition against the National Party Government, international sanctions resulted in protectionist policies, which limited investment opportunities to the financial sector. Growing concentration and inward-looking industrial policies offered insurance companies investments outside insurance. Sanlam diversified extensively outside insurance in property and industrial conglomerates. By 1985 this portfolio called for strategic redirection. Afrikaner empowerment resulted in a notable presence of Afrikaners in industry and mining, with Sanlam as anchor shareholder. In 1954 the Sanlam Private Act terminated the parent relationship with Santam. Sanlam rose to the second position amongst long-term insurers in South Africa, using product innovation, technology, and distribution innovation.
{"title":"Forty years: protection, isolation, and diversification, 1945–1985","authors":"G. Verhoef","doi":"10.1093/OSO/9780198817758.003.0003","DOIUrl":"https://doi.org/10.1093/OSO/9780198817758.003.0003","url":null,"abstract":"In tandem with international economic growth, Sanlam displayed progressive growth in the insurance and investment markets between 1945 and 1985. In a period of mounting political opposition against the National Party Government, international sanctions resulted in protectionist policies, which limited investment opportunities to the financial sector. Growing concentration and inward-looking industrial policies offered insurance companies investments outside insurance. Sanlam diversified extensively outside insurance in property and industrial conglomerates. By 1985 this portfolio called for strategic redirection. Afrikaner empowerment resulted in a notable presence of Afrikaners in industry and mining, with Sanlam as anchor shareholder. In 1954 the Sanlam Private Act terminated the parent relationship with Santam. Sanlam rose to the second position amongst long-term insurers in South Africa, using product innovation, technology, and distribution innovation.","PeriodicalId":192320,"journal":{"name":"The Power of Your Life","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127736040","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-10-25DOI: 10.1093/OSO/9780198817758.003.0005
G. Verhoef
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.
{"title":"Managing change: diversification and transformation, 1993–2003","authors":"G. Verhoef","doi":"10.1093/OSO/9780198817758.003.0005","DOIUrl":"https://doi.org/10.1093/OSO/9780198817758.003.0005","url":null,"abstract":"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.","PeriodicalId":192320,"journal":{"name":"The Power of Your Life","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125900061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-10-25DOI: 10.1093/OSO/9780198817758.003.0001
G. Verhoef
White South Africans were equally divided amongst themselves as the people of colour were divided amongst themselves at the beginning of the twentieth century. After the devastation of the South African War (1899–1902) Afrikaners devised different strategies to address their marginalization. From within, Afrikaner empowerment manifested on different levels, as described in this chapter. This context explains the decision to establish an insurance company. This chapter explains the crucial establishment years of the self-driven salvation strategy which included the formation of Santam and Sanlam. Afrikaners had no experience, nor expertise, in insurance, but relied on intra-Afrikaner social capital and supportive networks of non-Afrikaners to establish Sanlam.
{"title":"Growing opportunity on African soil","authors":"G. Verhoef","doi":"10.1093/OSO/9780198817758.003.0001","DOIUrl":"https://doi.org/10.1093/OSO/9780198817758.003.0001","url":null,"abstract":"White South Africans were equally divided amongst themselves as the people of colour were divided amongst themselves at the beginning of the twentieth century. After the devastation of the South African War (1899–1902) Afrikaners devised different strategies to address their marginalization. From within, Afrikaner empowerment manifested on different levels, as described in this chapter. This context explains the decision to establish an insurance company. This chapter explains the crucial establishment years of the self-driven salvation strategy which included the formation of Santam and Sanlam. Afrikaners had no experience, nor expertise, in insurance, but relied on intra-Afrikaner social capital and supportive networks of non-Afrikaners to establish Sanlam.","PeriodicalId":192320,"journal":{"name":"The Power of Your Life","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116632309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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