Mauritius South Africa Zimbabwe Swaziland Botswana Angola Malawi Mozambique Lesotho Zambia Namibia

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Agenda  Characteristics of the market  Zimbabwe  Zambia  Mauritius  South Africa

 Dominated by Group and Credit Life business New entrants Pricing challenges / Minimum rates  Growth in health insurance business Challenges due to fraud, frequency of claims and high costs  Individual Life business still a challenge Distribution channels Need for “cash back” products Lack of trust in insurers

 11 Life Insurance Companies  2 Life Reassurance Companies  81% of market share held by three players  Low consumer confidence in insurance/pensions  $159m net premiums written ($4.4m for reinsurers)  Sanlam entered the market - acquired 40% stake of Masawara  Regulatory reforms with GI companies  Consideration of risk-based capital requirements

 11 Life Insurance Companies A number of new entrants in 2014 / 2015  91% of market share held by 4 players  Stiff competition in Group Life business Pressure on premium rates FCL / Underwriting Minimum rates introduced  Innovation in the market Madison Life launched a diaspora funeral product

 Well developed insurance market High level of income Established financial sector Macroeconomic stability  8 life insurance companies – 90% market share between 3 companies  Largest insurer taken over by government in 2015  MUR 16.3 billion gross premiums written  MUR 13.1 billion claims paid

 Highest insurance penetration rate in Africa  Products sophisticated – dominated by Individual Life Split between risk and savings  SAM effective 1 January 2016