Sanlam posts solid half-year resultsGIFT NDOLWANE
JOHANNESBURG, (CAJ News) – THE Sanlam Group has announced solid operational results for the six months to June 30, with net operating profit increasing 11 percent to R4 billion (US$285,2 million).
This was supported by a strong performance by Sanlam Emerging Markets (SEM) and solid growth at Sanlam Personal Finance (SPF).
SEM and SPF both reported maiden contributions from recently acquired businesses, namely Saham Finances (R95 million) and Afrocentric (R43 million).
New Business volumes increased by 15 percent to R115 billion.
However, headline earnings growth, down 7 percent, was negatively affected by lower investment returns on shareholder funds due to a relatively weaker performance during the first six months of 2016 from local and some of the non-South African equity markets to which the Group has an exposure.
Sanlam Group Chief Executive Officer, Ian Kirk, says they are pleased with this solid set of results and believe their strategy and business operations continue to be resilient in the face of a persistently unsupportive business environment.
“We remain committed to the strategy and are confident that our management and staff have the requisite skills to effectively implement it.”
Sanlam projects the economic and operating environment to remain challenging for the remainder of 2016.
“However, we expect that our continued focus on strategy implementation will see us through,” Kirk concludes.
Established in 1918, Sanlam is a leading financial services group listed on the Johannesburg and the Namibian Stock Exchanges.
– CAJ News
Short URL: http://cajnewsafrica.com/?p=15143