Sanlam one of the largest financial services groups in South Africa is aiming for a potential acquisition in Angola, the company's senior official told Reuters, as it look for new streams of income to offset slowing growth.

"At this very moment, we are in discussions in Angola," said Heinie Werth, head of Sanlam's emerging markets unit. "Angola was always on our radar."

Werth stated that his company would also look at using its excess cash by moving towards Ethiopia, Africa's second most populous country after Nigeria, before it starts "exploratory work" in French-speaking African countries.

"Our group generates excess capital, we sit with extra capital and we deploy over time as and when we find opportunities," He said, adding that Sanlam's preferred regions are Africa and Southeast Asia.

Furthermore, with the aim of  generating 20 % of annual sales outside South Africa over the next five years, the company has 3.3 billion rand already set aside for expansion during its 2015 financial year, which ends in March next year.

Sanlam,has been bulking up its presence elsewhere in Africa, where rapid economic growth has increased the number of people with money to spend on insurance to protect their wealth.