Sanlam financial results defy challengesBy GIFT NDOLWANE
JOHANNESBURG, (CAJ News) – SANLAM, the financial services company, has released a satisfactory set of results for the half year ended June 30.
During the period, new business volumes increased by 22 percent to R100 billion compared to the same period in 2014 while net result from financial services increased by 5 percent on the first half of 2014.
The annualised Return on Group Equity Value (RoGEV) per share of 13 percent exceeded the target of 12,1 percent.
The growth was spurred by MCIS Insurance in Malaysia, Enterprise General Insurance in Ghana and the Soras Group in Rwanda.
However, net result from financial services declined by 10 percent, largely attributable to a particularly difficult operating environment in Zambia and abnormal bad debt experienced at Shriram Equipment Finance in
Commenting on the results, new Sanlam Group Chief Executive, Ian Kirk said: “We are satisfied that we were able to deliver an overall sound operational performance despite unfavourable conditions. The medium to
long term growth potential of all the regions remains intact.”
Commenting on the outlook for the remainder of 2015, Kirk projected a challenging period.
“Despite the short-term pressure on operating earnings growth, we remain confident our strategy is sound and that it will enable us to deliver on our medium to longer term growth targets.”
– CAJ News
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