South African Insurance Markets

Vivian, Robert W.

doi:10.1007/978-0-387-34163-7_14

Cited by 4 publications

(6 citation statements)

References 9 publications

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“…107 In 1934, a Powers-Samas calculator was introduced at Head Office-the first of its kind in South Africa. 108 The modern office equipment filled the staff with a sense of pride and contributed to improved efficiency in processing new applications and despatching policy documents. In the business environment of the post-war era, Sanlam management proved progressive and pragmatic and the company has remained at the forefront of industry technology throughout its history.…”

Section: The Collective: Head Office and Companymentioning

confidence: 99%

“…107 Within three and a half years of the introduction of the 100-Plus series, Sanlam raised the value of every R100 invested to R111.50 for the funds where no tax provision were required. 108 Longevity means success, and the 100-Plus policy series remained in force until the late 1990s.…”

Section: Innovation In Financial Servicesmentioning

confidence: 99%

“…Traditionally, long-term insurance companies managed the bulk of those retirement funds. 108 Changes in employment security therefore impacted directly on the funds under long-term insurance management.…”

Section: Survival In An Unstable Financial Worldmentioning

confidence: 99%

“…These were the strong leaders they would trust to take on the merger, but without them the board would not go ahead with the venture. 108 The political environment under a new government seeking to transfer ownership of business and economic activity to the majority put pressure on business to do BEE transactions. Business bought into the concept of compliance with those policies as 'a business imperative'.…”

Section: Cautiously Changing Culture: Transformationmentioning

confidence: 99%

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The Power of Your Life

Verhoef¹

2018

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This book explores a century of business development in The South African Life Assurance Company, from a specific local focus to a national conglomerate expanding into global insurance markets. Established as a strategic vehicle to address Afrikaner economic marginalization and abject poverty at the beginning of the twentieth century, Sanlam has displayed both path dependence and a dynamic adaptability to complex changing contexts to become a global player. The strategic convergence of economic empowerment through the mobilization of savings into insurance products, as well as Afrikaner nationalism, assisted this growth. Sanlam has played an a-typical role in the economic empowerment of an ethnic entity through extensive investments into the industrializing South African economy. This strategic diversion created operational limitations that were only resolved early in the twenty-first century. As globalization, financial deregulation, and weakened Afrikaner political and social hegemony manifested, strategic change management relied on the path dependence of empowerment strategies to address new markets with similar needs to those of the early stakeholder market of 1918. The former mutual life office demutualized operations to become a diversified financial services group of companies operating across almost the entire African continent, as well as in India, Malaysia, and the UK. This volume presents a business history of strategic management of an insurance enterprise, and its transformation from a defined cultural context into an international empowerment strategy through innovation on all levels of business operation and organization.

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Section: The Collective: Head Office and Companymentioning

confidence: 99%

Section: Innovation In Financial Servicesmentioning

confidence: 99%

Section: Survival In An Unstable Financial Worldmentioning

confidence: 99%

Section: Cautiously Changing Culture: Transformationmentioning

confidence: 99%

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The Power of Your Life

Verhoef¹

2018

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“…The two largest long-term insurance companies, Old Mutual and Sanlam, also controlled the two main non-life insurance companies, i.e. Mutual and Federal and Santam, respectively (Vivian, 2007).…”

Section: Market Contextmentioning

confidence: 99%

Pressures for Change in the Australian and South African Insurance Markets: A Comparison of Two Companies

Keneley

Verhoef

2011

Competition & Change

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Since the 1980s a wave of demutualizations has occurred across the financial services sector from stock exchanges to building societies, savings and loans associations and insurers. In both Australia and South Africa, this has had a marked effect on the life insurance markets that had been dominated by mutual life insurers for 150 years. This article adopts a case study approach to analyse the key drivers of organizational change. It examines the experiences of the Australian Mutual Provident (Australia's oldest and largest life insurance mutual) and Sanlam (the second-largest mutual life office in South Africa) as they proceeded down the path to demutualization. Firm-specific, market-specific and country-specific forces are identified as placing pressure on existing mutual structures.

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Do boards of trustees of South African retirement funds owe fiduciary duties to both the funds and fund members? The debate continues

Marumoagae¹

2017

PER

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Over the years, the South African retirement fund industry has experienced major regulatory changes. These changes were aimed at imposing a higher standard of governance on the boards of trustees governing various pension funds. As such, there has been a debate within the retirement fund industry as to whom the board, as the governing and managing body of the retirement fund, is accountable. South African courts and tribunals adjudicating pension fund related disputes and the retirement industry at large seem to share the view that the board of trustees is accountable to both the fund and its members. In that the board of trustees owes fiduciary duties to both the fund and its members, meaning that the board is required to act in the best interest of the fund and its members. However, in this paper I demonstrate that the boards of trustees of South African Pension Funds are accountable to and owe fiduciary duties only to the fund they serve and not members of those funds. Furthermore, I submit that at the very best the board owes a duty of good faith towards the members of the fund. In order to substantiate my submissions, I distinguish the legal position relating to trust law from the law relating to retirement funds in South Africa.

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South African Insurance Markets

Cited by 4 publications

References 9 publications

The Power of Your Life

The Power of Your Life

Pressures for Change in the Australian and South African Insurance Markets: A Comparison of Two Companies

Do boards of trustees of South African retirement funds owe fiduciary duties to both the funds and fund members? The debate continues

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