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South African insurer Sanlam sets aside almost $200 million for acquisitions

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South African insurer Sanlam Ltd. said that it has set aside almost $200 million for acquisitions as the insurer seeks new streams of income, reported Reuters.

Job losses across the nation's mining and manufacturing industry have made it difficult for insurers to sell insurance at a faster rate. "With that 2.5 billion South African rand ($186 million) discretionary capital, we will continue to find growth opportunities primarily in the emerging market territories," said Ian Kirk, chief executive of Sanlam.

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