/ 9 June 2004

Sanlam, PPS formally extend agreement

Sanlam, one of South Africa’s largest insurance and financial services groups, and the Professional Provident Society Insurance Company (PPS) have formally extended the agreement governing their relationship, with PPS reaffirming Sanlam as its preferred provider in its endeavour to broaden its range of products and services.

Announcing the extension on Wednesday, the companies said in a statement that their alliance has a long and successful history spanning a period of more than five decades.

Johan van Zyl, group CEO of Sanlam, and PPS CEO Mike Jackson both expressed their delight about the continuation of the relationship between two major players in the professional market. The two fully autonomous partners have compatible goals and complementary capabilities, which contribute to a healthy and synergistic relationship.

The key feature of the new agreement is that it positions Sanlam as the preferred, but not exclusive, provider of products and services — which means that PPS and Sanlam will identify and develop business opportunities together wherever possible.

Van Zyl and Jackson emphasised the need to offer the best of breed products to the professional market, and believe that the new agreement will achieve this objective. — I-Net Bridge