Paul Hanratty, a top-performing South African-based corporate executive, has decided to prolong his tenure as CEO of Sanlam until December 31, 2027, according to a statement issued on Sens on Thursday. The insurance company had its 26th annual general meeting (AGM) on Wednesday in Cape Town.
“Shareholders are advised that the special and ordinary resolutions proposed in the notice to shareholders dated 28 March 2024 were passed by the requisite majority of votes of shareholders in attendance or represented by proxy at the meeting,” disclosed Sanlam.
Hanratty, the group CEO of Sanlam Limited, a South African insurance and financial services firm, holds a bachelor’s degree in actuarial sciences from the University of Cape Town. Hanratty was appointed Sanlam’s group chief executive on July 1, 2020, and has been on the board of directors since 2017. He has been an independent non-executive director of MTN since 2016 and serves as the non-executive chairman of Intelligent Debt Management.
He is also one of the private sector CEOs helping the government address South Africa’s energy, transportation, and logistical challenges. Hanratty began his career in the insurance industry in 1984 and has worked in the financial services industry in South Africa, the United Kingdom, and other countries.
Hanratty’s skill has helped the group navigate hurdles and achieve great financial performance in recent years. In March, Hanratty praised the company’s strong performance despite unprecedented hurdles over the previous fiscal year. He stressed the significance of an 18% increase in key profits indicators, net result from financial services, and cash net result from financial services. Dividends increased by an impressive 11.1%, demonstrating the company’s resilience in the face of adversity such as the pandemic, political turmoil, and natural disaster.
The annual report showed a 13.7% increase in profit, from R11.96 billion ($642.1 million) in 2022 to R13.6 billion ($730.1 million) in 2023. Sanlam’s retained earnings increased from R68.44 billion ($4.6 billion) to R71.15 billion ($4.8 billion), while the shareholders’ fund increased from R84.58 billion ($4.54 billion) to R88.53 billion ($4.75 billion).
In April 2024, Sanlam, which is partially owned by South African billionaire Patrice Motsepe, revealed plans to acquire a controlling position in the Shriram Group’s insurance company in India, signifying a significant expansion of its footprint beyond the African continent. The purchase is expected to be completed in the second quarter of this year and is subject to regulatory approval. Sanlam will increase its ownership of Shriram General Insurance Co (SGIC) from 40% to 51% and Shriram Life Insurance Co (SLIC) from 42% to 54%.
Founded in 1918, Sanlam is a global insurance industry leader with a market valuation of R143 billion ($7.6 billion) on the Johannesburg Stock Exchange. Patrice Motsepe, Africa’s first Black billionaire, owns a 7.8 percent stake in Sanlam through his investment company, Ubuntu-Botho Investments, and serves as its deputy chairman.
Since 2016, he has served as an independent non-executive director of MTN Group in addition to his role at Sanlam. Hanratty’s understanding of the South African financial services business has helped him establish himself as one of the continent’s top leaders. He also owns a 0.23 percent investment in Sanlam, which has yielded tremendous gains since 2022.
Hanratty’s leadership and experience continue to power Sanlam’s global expansion and strategic growth. His continued stay supports the company’s long-term stability and prosperity.
