S.Africa's Sanlam says has $374 mln war chest for 2014 acquisitions

JOHANNESBURG, March 6 Thu Mar 6, 2014 2:10am EST

JOHANNESBURG, March 6 (Reuters) - South Africa's biggest insurer by market value, Sanlam, said on Thursday it has a 4 billion rand ($373.68 million) kitty for acquisitions in Africa and Asia this year, after purchasing businesses worth 2.5 billion rand in 2013.

"We have a good pipeline of transactions in India, Malaysia, Africa, and we'd also like to strengthen our asset management operation in the UK. And then one or two opportunities in South Africa," Chief Executive Johan van Zyl told Reuters.

Last month, Sanlam acquired an indirect stake in Nigeria's Oasis Insurance after a company it partially owns purchased 71 percent in the motor and fire insurer.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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