Piramal Finance to sell 14.72% stake in Shriram Life to Sanlam

Core Viewpoint - Piramal Finance is divesting its 14.72% equity interest in Shriram Life Insurance to Sanlam Emerging Markets for approximately Rs6 billion ($66.5 million), pending regulatory approvals, with completion expected by March 31, 2026 [1][2]. Group 1: Transaction Details - The stake sale is part of Piramal Finance's strategy to monetize non-core assets, which will enhance its balance sheet [2]. - Upon completion of the divestment, Sanlam's stake in Shriram Life Insurance will increase to nearly 38% [3]. Group 2: Financial Performance - Shriram Life Insurance reported a 17% increase in individual new business premium for the first half of financial year 2026, totaling Rs6.35 billion, compared to an 8% growth rate for the overall sector [3]. - Shriram Life contributed Rs126.8 million in dividends to Piramal Finance for the financial year ending March 31, 2025, accounting for approximately 0.12% of Piramal Finance's total revenue [4]. Group 3: Company Background - Shriram Life Insurance operates as a joint venture between Shriram Capital and Sanlam Group, with Sanlam Emerging Markets (Mauritius) being fully owned by Sanlam Emerging Markets [4][5]. - Sanlam Group provides financial services across more than 30 countries, with a significant presence in developing economies, including India [5].