Savings for life to build the economy for the people the emergence of Afrikaner corporate conglomerates in South Africa 1918–2000

Abstract

This article explores the establishment and growth of Sanlam, the South African life assurance company. Although its formation was primarily motivated by Afrikaner nationalist concerns, it was organised along sound business principles. As the initial social responsibility goals were achieved, its strategy was adjusted to compete in the growing modern South African and later global markets. The empowerment strategy of Afrikaners since the early decades of the twentieth century is also analysed. This strategy depended on the mobilisation of own resources, in this case savings in life assurance policies. Sanlam acted as the vehicle to strategise, plan and implement empowerment opportunities. Once this objective had been achieved, Sanlam started to promote Black economic empowerment. The article focuses on three broad developments: 1. the establishment and formative phase of Sanlam; 2. the expansion, diversification and acquisition of business interests; and 3. the return to core business once the initial aims were achieved.