Sanlam UK received payment of £10m following the sale of its stake in advice network Intrinsic to Old Mutual Wealth, the firm’s annual report and accounts reveal.
Sanlam was one of a number of major shareholders in Intrinsic prior to its acquisition by Old Mutual in February last year.
Following the sale, two loans worth a total of £9m made by Sanlam to Intrinsic in 2012 were repaid in full, the accounts show.
In addition, a “settlement amount” of £10m was received by Sanlam for the profit in the company.
Sanlam’s pre-tax profits for the year totalled £9.4m, down from £28.4m in 2013.